Consolidated Annual Report 2018

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2018 39 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2018 (Expressed in Barbados dollars) 24 2. Accounting Policies, continued 2.4 Changes in accounting policy and disclosures Standards, interpretations and amendments to existing standards effective for the current year The Group has consistently applied the accounting policies set out in Note 2 to all periods presented in these consolidated 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 consolidated financial statements. The application of these pronouncements has therefore not been reflected in these consolidated financial statements. 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 Group are as follows: • Annual Improvements to IFRS 2014-2016 Cycle – Amendments to IFRS 1 First time Adoption of IFRSs and IAS 28 Investments in Associates and Joint Ventures (effective date January 1, 2018) • IAS 40 (Amendments) – Transfer of Investment Property (effective January 1, 2018) • IFRS 2 (Amendments) – Classification and Measurement of Share-based Payment Transactions (effective date January 1, 2018) • IFRS 4 (Amendments) – Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (effective date January 1, 2018) • 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) • IFRS 17 – Insurance Contracts (effective January 1, 2021) None of these is expected to have a significant effect on the consolidated financial statements of the Credit Union in the period of adoption, except for IFRS 9 Financial Instruments and IFRS 16 Leases , which tentatively become mandatory for the Credit Union’s 2019 and 2020 consolidated financial statements respectively.