BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2015
21
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Non-consolidated Financial Statements
For the year ended March 31, 2015
(Expressed in Barbados dollars)
9
2.
Accounting Policies...(continued)
(b) Significant accounting judgments, estimates and assumptions...(continued)
Measurement of fair values
A number of the Credit Unionʼs accounting policies and disclosures require the measurement of fair
values, for both financial and non-financial assets and liabilities.
The Credit Union has an established control framework with respect to the measurement of fair values.
This includes the services of a professional valuation team that has overall responsibility for overseeing
all significant fair value measurements, including Level 3 fair values. This team reports directly to the
Credit Risk Manager. They also review market estimates where assets and liabilities are traded in active
markets.
Significant valuation issues are reported to the Asset Liability Committee (ALCO) which has oversight of
the Credit Unionʼs investment policy. This Committee meets quarterly to review any challenges as it
relates to the carrying value of the Credit Unionʼs assets and liabilities.
When measuring the fair value of an asset or a liability, the Credit Union uses market observable data
as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the
inputs used in the valuation techniques as disclosed in Note 25.
If the inputs used to measure the fair value of an asset or a liability might be categorised in different
levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the
same level of the fair value hierarchy as the lowest level input that is significant to the entire
measurement.
The Credit Union recognises transfers between levels of the fair value hierarchy at the end of the
reporting period during which the change has occurred.
