Non-Consolidated Annual Report 2016

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED NON-CONSOLIDATED ANNUAL REPORT 2016 34 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Non-consolidated Financial Statements For the year ended March 31, 2016 (Expressed in Barbados dollars) 18 2. Accounting Policies, continued (c) Summary of significant accounting policies, continued k) Recognition of income and expenses, continued Fees and commission income Fees and commission income are generally recognised on an accrual basis when the service has been provided. Dividend income Dividend income is recognised when the right to receive the dividend is established. (d) Changes in accounting policy and disclosures Standards, interpretations and amendments to existing standards effective for the current year The Credit Union has consistently applied the accounting policies set out in Note 2 to all periods presented in these financial statements. During the year, certain new standards, interpretations and amendments to the existing standards became effective. Management has assessed that these new standards, interpretations and amendments to the existing standards where relevant did not have any significant impact on the preparation of these financial statements. The application of these pronouncements has therefore not been reflected in these financial statements.