Consolidated Annual Report 2019

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2019 32 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) 17 2. Accounting Policies, continued b) New standards, amendments and interpretations mandatory for the first time for the financial year, continued IAS 39 IFRS 9 carrying carrying amount Re- Re- amount March 31, 2018 classification measurement April 1, 2018 FVOCI – equity: From available for sale $ - 1,941,595 - - Total FVOCI - equity $ - 1,941,595 - 1,941,595 FVTPL - equity $ 778,079 - - 778,079 Financial liabilities Amortized cost: Deposits $ 1,259,922,245 - - 1,259,922,245 Reimbursable shares 9,761,121 - - 9,761,121 Loans payable 15,229,798 - - 15,229,798 Other liabilities 13,069,238 - - 13,069,238 Total amortized cost $ 1,297,982,402 - - 1,297,982,402 The following table summarizes the impact of transition to IFRS 9 on the opening balance of retained earnings. There is no impact on other components of equity Opening balance under IAS 39 at March 31, 2018 $ 9,804,905 Recognition of expected credit losses under IFRS 9 (3,115,728) (including loans and advances, undrawn loan commitments term deposits and sovereign debt securities) Closing balance under IFRS 9 at April 1, 2018 $ 6,689,177 The following table reconciles the closing impairment allowance for financial assets under IAS 39 and provisions for loan commitments and financial guarantee contracts under IAS 37, Provisions, Contingent Liabilities and Contingent Assets as at March 31, 2018 to the opening expected credit loss allowance as at April 1, 2018: IAS 39 IFRS 9 carrying carrying amount Re- Re- amount March 31, 2018 classification measurement April 1, 2018 Loans and advances $ (26,719,005) - (464,864) (27,183,869) Sovereign debt securities - - (2,636,001) (2,636,001) Term deposits - - (14,863) (14,863) $ (26,719,005) - (3,115,728) (29,834,733)