Non-Consolidated Annual Report 2016

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED NON-CONSOLIDATED ANNUAL REPORT 2016 35 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) 19 2. Accounting Policies, continued (e) Standards in issue but not yet effective New standards, interpretations and amendments to existing standards that are not yet effective and have not been early adopted by the Credit Union are as follows: • IAS 1 (Amendments) - Disclosure Initiative (effective January 1, 2016) • IAS16 & IAS 38 (Amendments) - Clarification of Acceptable Methods of Depreciation and Amortisation (effective January 1, 2016) • IAS 16 & IAS 41 (Amendments) - Agriculture: Bearer Plants (effective January 1, 2016) • IAS 27 (Amendments) – Equity Method in Separate Financial Statements (effective January 1, 2016) • IAS 7 (Amendments) – Disclosure Initiative (effective January 1, 2017) • IAS 12- (Amendments) – Recognition of Deferred Tax Assets for Unrealised Losses (effective January 1, 2017) • IFRS 10 & IAS 28 (Amendments) - Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (effective January 1, 2016) • IRS10, IFRS 12 & IAS 28 (Amendments) – Investment Entities:Applying the Consolidation Exception (effective January 1, 2016) • IFRS 11 (Amendments) – Accounting for Acquisitons of Intersts in Joint Operations (effective January 1, 2016) • IFRS 14 - Regulatory Deferral Accounts (effective January 1, 2016) • Annual Improvements to IFRS 2012-2014Cycle - various standards (effective January 1, 2016) • IFRS 9 - Financial Instruments (effective January 1, 2018) • IFRS 15 – Revenue from Contracts with Customers (effective January 1, 2018) • IFRS 16, Leases (effective January 1, 2019) None of these is expected to have a significant effect on the financial statements of the Credit Union in the period of adoption, except for IFRS 9 Financial Instruments, which tentatively becomes mandatory for the Credit Union’s 2019 financial statements, and is expected to impact the classification and measurement of financial assets and financial liabilities. A description of this standard is provided below. IFRS 9 — Financial Instruments In July 2014, the IASB released the final version of IFRS 9 Financial Instruments . This standard addresses classification and measurement of financial assets and replaces the multiple category and measurement models for debt instruments in IAS 39, Financial Instruments: Recognition and Measurement, with a new mixed measurement model having only two categories: amortised cost and fair value through profit or loss. IFRS 9 also replaces the models for measuring equity instruments, and such instruments are recognised either at fair value through profit or loss or at fair value through other comprehensive income. Where such equity instruments are measured at fair value through other comprehensive income, dividends are recognised in profit or loss insofar as they do not clearly represent a return on investment; however, other gains and losses (including impairments) associated with such instruments remain in accumulated comprehensive income indefinitely.