46 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2026 (expressed in Barbados dollars) 14 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. Going concern The Directors and Management have assessed the Group's ability to continue as a going concern and are satisfied that it has adequate resources to continue in operational existence for the foreseeable future. In making this assessment, consideration was given to the Group's financial position, liquidity, capital adequacy, cash flow projections, regulatory requirements, and prevailing economic conditions. Based on this assessment, the financial statements have been prepared on the going concern basis, and management is not aware of any material uncertainties that may cast significant doubt on the Group's or the Credit Union's ability to continue as a going concern. The financial statements were authorised for issue by the Board of Directors on June 11, 2026. b) New standards, amendments and interpretations mandatory for the first time for the financial year No new standards, amendments to standards and interpretations became effective during the current period which had a significant effect on the Group’s consolidated financial statements. c) New standards and interpretations in issue but not yet effective At the date of authorization of these consolidated financial statements, certain new accounting standards and amendments had been issued but were not yet effective and had not been early adopted by the Group. IFRS 18 - Presentation and Disclosure in Financial Statements Effective for annual reporting periods beginning on or after January 1, 2027. IFRS 18 replaces IAS 1 Presentation of Financial Statements and introduces new requirements for the presentation of information in the Statement of Comprehensive Income, enhanced disclosure requirements for management-defined performance measures, and additional principles for aggregation and disaggregation of information. The Group is currently assessing the impact that the adoption of IFRS 18 will have on its financial statements but does not anticipate any significant impact to the Group’s consolidated financial statements.
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