Non-Consolidated Annual Report 2018

37 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2018 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Non-consolidated Financial Statements For the year ended March 31, 2018 (Expressed in Barbados dollars) 22 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: • 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 non-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 non-consolidated financial statements respectively. A description of these standards are provided below.