Separate Annual Report 2021

34 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2021 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Separate Financial Statements For the year ended March 31, 2021 (Expressed in Barbados dollars) 11 1. Corporate Information The Barbados Public Workers’ Co-operative Credit Union Limited (“the Credit Union”) was registered on May 6, 1970, and continued under the Co-operative Societies Act of Barbados 1990-23. Its registered office is located at “Olive Trotman House”, Keith Bourne Complex, Belmont Road, St. Michael. The principal activities of the Credit Union are the provision of savings products and credit facilities to its members and to educate them in co-operative principles. 2. Accounting Policies (a) Basis of preparation These separate financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). These separate financial statements have been prepared on a historical cost basis, except for the following items in the separate statement of financial position: • Equity investments measured at fair value through other comprehensive income (FVOCI) • Net defined benefit asset, which is measured at the fair value of plan assets less the present value of the defined benefit obligation (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 separate financial statements. (c) Standards issued but not yet effective New standards and amendments to standards that are not yet effective and have not been early adopted by the Credit Union are as follows: • Amendment to IFRS 16 – COVID 19: Related Rent Concessions – effective June 1, 2020 • COVID-19-Related Rent Concessions: Amendment to IFRS 16 – effective January 1, 2021 • 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 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 Credit Union’s separate financial statements in the period of adoption.