(Jamaica) Limited - FirstCaribbean International Bank

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notes to the Financial Statements Year Ended 31 October 2009 (Expressed in Jamaican dollars unless otherwise indicated) 2. Summary of Significant Accounting Policies (Continued) (b) Change in accounting policies (i) Standards, interpretations and amendments to published standards that were adopted during the year. The Group has adopted the following International Financial Reporting Interpretations Committee (IFRIC) interpretations during the year. Adoption of these interpretations did not have any effect on the financial performance or position of the Group. • IFRIC 13, Customer Loyalty Programmes IFRIC 13 interpretation requires customer loyalty credits to be accounted for as a separate component of the sales transaction in which they are granted. The Group takes part in VISA supplied credit card loyalty programmes. Under these programmes, the Group reimburses VISA for the cost of points redeemed. The fair values of the points earned by the customer are recognised by the Group as revenue when it fulfils its obligation in respect of the awards. As the existing accounting treatment adopted by the Group for customer loyalty programmes is consistent with IFRIC 13, the adoption of the Interpretation has had no significant impact on the current or comparative results of the Group. • IFRIC 14, The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction IFRIC 14 addresses the interaction between minimum funding requirements and the limit placed by paragraph 58 of IAS 19 on the measurement of the defined benefit asset or liability. (ii) Standards, interpretations and amendments to published standards that are not yet effective At the date of authorisation of these financial statements, certain new standards, amendments and interpretations to existing standards have been issued which were not yet effective for the Group at balance sheet date, and which the Group has not adopted early as follows: • IAS 1 (Revised), Presentation of Financial Statements (effective from annual periods beginning on or after 1 January 2009) will require the disclosure of all non-owner changes in equity either in one statement of comprehensive income or in two statements (a separate income statement and a statement of comprehensive income); this will require additional disclosures about an entity’s capital and will change the titles of financial statements. • IAS 23 (Revised), Borrowing Costs (effective from annual periods beginning on or after 1 January 2009) will remove the option of immediately recognising as an expense borrowing costs that relate to assets that take a substantial period of time to get ready for use or sale. An entity will therefore now be required to capitalise borrowing costs as part of the cost of such assets. The capitalisation of borrowing costs relating to assets measured at fair value is not however required by IAS 23. The transitional provisions of the standard require prospective application from the effective date. This is not applicable to the Group. • IAS 27 (Revised), Consolidated and Separate Financial Statements (effective from annual periods beginning on or after 1 July 2009) has resulted from amendments to IFRS 3 and changes the accounting for acquisitions and disposals that do not result in a change of control and the attribution of profit or loss to non-controlling interest. Additional amendments have been made relating to the cost of a subsidiary in the separate financial statements of a parent on first-time adoption of IFRSs. These amendments are not applicable to the Group. • IAS 28 (Revised), Investment in Associates (effective from annual periods beginning on or after 1 July 2009) has resulted from amendments to IFRS 3. This is not applicable to the Group. • IAS 31 (Revised), Interests in Joint Ventures (effective from annual periods beginning on or after 1 July 2009) has resulted from amendments to IFRS 3. This is not applicable to the Group. 28
notes to the Financial Statements Year Ended 31 October 2009 (Expressed in Jamaican dollars unless otherwise indicated) 2. Summary of Significant Accounting Policies (Continued) (b) Change in accounting policies (continued) (ii) Standards, interpretations and amendments to published standards that are not yet effective (continued) • IAS 32 (Revised), Financial Instruments Presentation (effective from annual periods beginning on or after 1 January 2009) will require amendments regarding puttable instruments and obligations arising on liquidation. These amendments are not applicable to the Group. • IAS 39 (Revised), Financial Instruments: Recognition and Measurement (effective from annual periods beginning on or after 1 July 2009) was amended with respect to hedging portions of risk, and clarifies the principles associated with designating a portion of cash flows or fair values of a financial instrument as a hedged item. • IFRS 1 (Revised), First–time Adoption of International Financial Reporting Standards (effective from annual periods beginning on or after 1 January 2009) requires amendments relating to the cost of an investment on first-time adoption. This is not applicable to the Group. • IFRS 2 (Revised), Share-based Payment (effective from annual periods beginning on or after 1 January 2009) requires amendments relating to vesting conditions and cancellations, and clarifies that vesting conditions are service conditions and performance conditions only, while other features of a share-based payment are not vesting conditions. This is not applicable to the Group. • IFRS 3 (Revised), Business Combinations (effective from annual periods beginning on or after 1 July 2009) has made a comprehensive revision on applying the acquisition method. • IFRS 7 Amendments, Improving Disclosures about Financial Instruments (effective for annual periods beginning on or after 1 January 2009) clarifies and enhance disclosures about fair value measurements and the liquidity risk of financial instruments. • IFRS 8, Operating Segments (effective from annual periods beginning on or after 1 January 2009) will replace IAS 14 Segments Reporting and increases the level of disclosure required, as well as, replace the requirement to determine primary (business) and secondary (geographical) reporting segments for the Group and extends the scope to include entities that meet certain requirements • IFRIC 9 and IAS 39 Amendments, Embedded Derivatives (effective for annual periods ending on or after 30 June 2009) clarifies that on reclassification of a financial asset out of the ‘at fair value through profit or loss’ category all embedded derivatives have to be assessed and, if necessary, separately accounted for in the financial statements. • IFRIC 15, Agreements for the Construction of Real Estate (effective from annual periods beginning on or after 1 January 2009), which is not applicable to the Group. • IFRIC 17, Distribution of Non-Cash Assets to Owners (effective for annual periods beginning on or after 1 July 2009) provides guidance on how to account for such transactions. It also provides for when to recognise a liability, how to measure it and the associated assets, when to derecognise the asset and liability, and the consequences of doing so. • IFRIC 18, Transfers of Assets from Customers (effective for annual periods beginning on or after 1 July 2009) provides guidance on when and how an entity should recognise items of property, plant and equipment received from their customers. 29
Page 2 and 3: Corporate Profile .................
Page 4 and 5: Financial Highlights 2009 Earnings
Page 6 and 7: Managing Director Clovis Metcalfe M
Page 8 and 9: 6 Senior Management and Advisors
Page 10 and 11: Our Communities FirstCaribbean Inve
Page 12 and 13: Management’s Discussion and Analy
Page 14 and 15: Total Assets ($’B) Deposits (‘$
Page 16 and 17: 14 Management’s Discussion and An
Page 18 and 19: CharteredÊ Accountants 8 Oliver Ro
Page 20 and 21: Consolidated Balance Sheet As at 31
Page 22 and 23: Consolidated Statement of Income Ye
Page 24 and 25: Balance Sheet As at 31 October 2009
Page 26 and 27: Statement of Changes in Equity Year
Page 28 and 29: Statement of Cash Flow Year Ended 3
Page 32 and 33: notes to the Financial Statements Y
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notes to the Financial Statements Y
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94 Ownership Structure
Page 98 and 99:
Notice of Meeting nOTICE IS HEREBY
Page 100 and 101:
98 Notes
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