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BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
CONSOLIDATED ANNUAL REPORT 2015
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Consolidated Financial Statements
For the year ended March 31, 2015
(Expressed in Barbados dollars)
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2.
Accounting Policies...(continued)
2.3 Summary of significant accounting policies...(continued)
i) Property and equipment
Property and equipment are carried at cost less accumulated depreciation and accumulated
impairment losses. Subsequent costs are included in the asset's carrying amount or recognised as
a separate asset, only when it is probable that future economic benefits associated with the item will
flow to the Group and the cost of the item can be measured reliably. All other repairs and
maintenance are included in the statement of income during the financial period in which they are
incurred.
Gains and losses on disposals are determined by comparing proceeds with carrying amounts and
these are included in the statement of income. The assets' residual values, useful lives and
depreciation methods are reviewed and adjusted, if appropriate, at each statement of financial
position date.
Items of property and equipment are depreciated from the date they are available for use.
Depreciation is recognised in the statement of income on the straight-line basis, at rates designed
to write off the cost of the assets over the periods of their estimated useful lives. Land is not
depreciated.
The following group annual rates apply:
Buildings
2% - 4%
Motor vehicles
20%
Furniture and equipment
10% - 33.33%
Leasehold improvements
10% - 33.33%
j) Leases
Leased assets
For assets leased out under finance leases, the present value of the lease payments at the start of
the lease is recognised as a receivable and is included in loans and advances. The difference
between the gross receivable and the present value of the receivable is recognised as unearned
finance income. Lease income is recognised over the term of the lease using the net investment
method (before tax) which reflects a constant periodic rate of return.
Assets held under other leases are classified as operating leases and are not recognised in the
Groupʼs statement of financial position.
