Consolidated Annual Report 2019

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2019 29 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2019 (Expressed in Barbados dollars) 14 2. Accounting Policies, continued b) New standards, amendments and interpretations mandatory for the first time for the financial year, continued The following table reconciles the carrying amounts under IAS 39 to the carrying amount under IFRS 9 on transition to IFRS 9 on April 1, 2018. IAS 39 IFRS 9 carrying carrying amount Re- Re- amount March 31, 2018 classification measurement April 1, 2018 Financial assets Held to maturity: Term deposits Opening balance $ 25,473,494 - - - To amortized cost - (25,473,494) - - Closing balance - - - - Sovereign debt securities Opening balance 25,993,354 - - - To amortized cost - (25,993,354) - - Closing balance - - - - Total held to maturity $ 51,466,848 (51,466,848) - - Loans and receivables : Cash and equivalents Opening balance $ 118,649,884 - - - To amortized cost - (118,649,884) - - From loans and receivable - - - - Closing balance - - - - Term deposits Opening balance 12,764,789 - - - To amortized cost - (12,764,789) - - Closing balance - - - Loans and advances Opening balance 1,174,576,465 - - - To amortized cost - (1,174,576,465) - - Closing balance - - - - Sovereign debt securities Opening balance 3,958,401 - - - To amortized cost - (3,958,401) - Closing balance - - - - Sub-total loan and receivable c/f $ 1,309,949,539 (1,309,949,539) - -