Non-Consolidated Annual Report 2020

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2020 30 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Non-consolidated Financial Statements For the year ended March 31, 2020 (Expressed in Barbados dollars) 13 2. Accounting Policies, continued (b) New standards, amendments and interpretations mandatory for the first time for the financial year, continued Impact on financial statements Impact on transition On transition to IFRS 16, the Credit Union recognised additional right-of-use assets and additional lease liabilities, recognising the difference in retained earnings. The impact on transition is summarised below. Right-of-use assets presented in property and equipment $ 3,238,885 Lease liabilities 3,349,147 Retained earnings (110,262) When measuring lease liabilities for leases that were classified as operating leases, the Credit Union discounted lease payments using its incremental borrowing rate at April 1, 2019. The weighted- average rate applied is 4.95%. Operating lease commitments at March 31, 2019 as disclosed under IAS 17 in The Credit Union’s non-consolidated financial statements $ 760,567 Discounted using the incremental borrowing rate at April 1, 2019 3,349,147 Recognition exemption for leases of low value assets - Recognition exemption for leases of with less than 12 months of lease term - Lease liabilities recognized at April 1, 2019 3,349,147 (c) New standards and interpretations in issue but not yet effective New standards, interpretations and amendments to extensive standards that are not yet effective and have not been early adopted by the Credit Union are as follows: • Amendments to References to Conceptual Framework in IFRS Standards – effective January 1, 2020 • Amendments to IFRS 3 - Definition of a Business – effective January 1, 2020 • Amendments to IAS 1 and IAS 8 - Definition of Material - effective January 1, 2020 • Amendments to IFRS 9, IAS 39 and IFRS 7 – Interest Rate Benchmark Reform – effective January 1, 2020 • Amendment to IFRS 16 – COVID 19: Related Rent Concessions – effective June 1, 2020 • Amendments to IAS 37 – Onerous Contracts: Cost of Fulfiling a Contract – effective January 1, 2022 • Annual Improvements to IFRS Standards 2018 – 2020 – effective January 1, 2022 • Amendments to IAS 16 – Property, Plant and Equipment: Proceeds before Intended Use – effective January 1, 2022 • Amendments to IFRS 3 - Reference to the Conceptual Framework – effective January 1, 2022 • Amendments to IAS 1 – Classification of liabilities as current and non-current – effective January 1, 2023