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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)
39
15. Other Assets
Other assets are comprised of the following:
2015
2014
Accounts receivable
$
5,365,761
4,264,716
Prepaid employee benefit (Note 19)
2,354,990
2,581,584
Prepaid expenses
2,102,420
1,996,394
Premiums receivable
720,807
1,364,848
Interest receivable on cash resources
54,985
33,674
Dividend receivable
55,000
55,000
Other Assets re Goodwill Credit Union (Note 28)
186,505
-
$ 10,840,468
10,296,216
16. Intangible Asset
2015
2014
Goodwill
$ 2,910,000
2,910,000
Impairment tests for goodwill
Goodwill is allocated to one cash-generating unit (CGU).
The recoverable amount for the CGU has been determined using value-in-use calculations. These
calculations use cash flow projections based on financial budgets approved by management covering a
three year period. Cash flows beyond the three year period are extrapolated using the estimated growth
rate stated below. The growth rate does not exceed the long-term average growth rates for the country
in which the CGU operates.
Key assumptions used for value-in-use calculations
Key assumptions are those to which the CGU's recoverable amount is most sensitive. The value-in-use
calculation was based on a discount rate of 20% and a growth rate of 7%.
Sensitivity to changes in assumptions
Management believes that no reasonably possible change in any of the above key assumptions would
cause the carrying value of the unit to exceed its recoverable amount.
