BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2022 44 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2022 (Expressed in Barbados dollars) 12 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. The financial statements were authorised for issue by the Board of Directors on November 23, 2022 (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: • 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 • Income Tax Deferred Tax related to Assets and Liabilities Arising from a Single Transaction (Amendments to IAS 12) – effective April 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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