31 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2020 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2020 (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 Impact on consolidated financial statements, continued Impact on transition, continued April 1, 2019 Operating lease commitments at March 31, 2019 as disclosed under IAS 17 in The Group’s consolidated financial statements $ 1,689,647 Discounted using the incremental borrowing rate at April 1, 2019 6,308,772 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 6,308,772 (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 Group 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 The Group has not yet assessed the impact of the adoption of these standards on its consolidated financial statements.
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