BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2021 40 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2021 (Expressed in Barbados dollars) 13 2. Accounting Policies, continued (a) Basis of preparation, continued Basis of consolidation, continued Loss of control When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related NCI and other components of equity. Any resulting gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost. Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income and expenses (except for foreign currency transaction gains or losses) arising from intra-group transactions, are eliminated. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. (b) New standards, amendments and interpretations mandatory for the first time for the financial year A number of new standards, amendments to standards and interpretations became effective during the current period but these did not have a material effect on the Credit Union’s consolidated financial statements. (c) New standards and interpretations in issue but not yet effective New standards and amendments to standards that are not yet effective and have not been early adopted by the Group are as follows: • Amendment to IFRS 16 – COVID-19-Related Rent Concessions – effective June 1, 2020 • Amendment to IFRS 16 – COVID-19-Related Rent Concessions beyond June 30, 2021 – effective April 1, 2021 • Amendments to IAS 37 – Onerous Contracts: Cost of Fulfilling 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 or non-current – effective January 1, 2023 • Disclosure of Accounting Policy (Amendments to IAS 1 and IFRS Practice Statement 2) – effective January 1, 2023 • Definition of Accounting Estimate (Amendments to IAS 8) – effective January 1, 2023 None of these is expected to have a significant impact on the Group’s consolidated financial statements in the period of adoption.
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