Consolidated Annual Report 2015

35 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED CONSOLIDATED ANNUAL REPORT 2015 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2015 (Expressed in Barbados dollars) 22 2. Accounting Policies...(continued) 2.4 Changes in accounting policy and disclosures New and amended standards and interpretations The accounting policies adopted are consistent with those used in the previous financial year except for the adoption of the following standards, amendments and interpretations. IFRIC 21 – Levies (effective 1 January 2014) IFRS 10 – Consolidated Financial Statements (Amendments) (effective 1 January 2014) IFRS 12 – Disclosure of Interests in Other Entities (effective 1 January 2014) IAS 27 – Separate Financial Statements (Amendments) (effective 1 January 2014) IAS 32 – Financial Instruments: Presentation (Amendments) (effective 1 January 2014) IAS 36 – Impairment of Assets (Amendments) (effective 1 January 2014) IAS 39 – Financial Instruments: Recognition and Measurement (effective 1 January 2014) The nature and effects of the relevant changes are explained below: (I) Levies IFRIC 21 - Levies indicates that a levy is an outflow of resources embodying economic benefits that is imposed by governments on entities in accordance with legislation. IFRIC 21 provides the following interpretive guidance on when an entity should recognise a liability for a levy imposed by a government:  The liability is recognised progressively, if the obligating event occurs over a period of time;  If an obligation is triggered when a minimum threshold is reached. Based on the interpretation, the Credit Union has applied IFRIC 21 to recognise the government levy on its assets. There were no other changes resulting from the adoption of these standards during the current financial year.