Directors - Caribbean Cement Company Limited

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CARIBBEAN CEMENT COMPANY LIMITED AND ITS SUBSIDIARIESNotes to the Consolidated Financial StatementsYear ended 31 December 2008(Expressed in Jamaican Dollars)2. Significant accounting policies (continued)a) Basis of preparation (continued)(iii)Future changes in accounting standards and interpretations (continued)• IAS 27, Consolidated and Separate Financial Statements(effective from annual periods beginning on or after 1 July 2009) hasresulted from amendments to IFRS 3 and changes the accounting foracquisitions and disposals that do not result in a change of controland the attribution of profit or loss to non-controlling interest.Additional amendments have been made relating to the cost of asubsidiary in the separate financial statements of a parent on firsttimeadoption of IFRSs. This amendment is currently not applicableto the Group.• IAS 28 (Revised), Investment in Associates (effective from annualperiods beginning on or after 1 July 2009) has resulted fromamendments to IFRS 3. This amendment is currently not applicableto the Company.• IAS 31 (Revised), Financial Reporting of Interests in JointVentures (effective from annual periods beginning on or after 1 July2009) requires disclosures when investments in jointly controlledentities are accounted for at fair value through profit or loss. Thisamendment is currently not applicable to the Group.• IAS 32 (Revised), Financial Instruments: Presentation (effectivefrom annual periods beginning on or after 1 January 2009) requiresamendments regarding puttable financial instruments and obligationsarising on liquidation, and requires entities to classify certain typesof financial instruments as equity provided they have particularfeatures and meet specific conditions. This amendment is currentlynot applicable to the Group.• IAS 39, Financial Instruments: Recognition and Measurement(effective from annual periods beginning on or after 1 July 2009) wasamended regarding hedging portions of risk, and clarifies theprinciples associated with designating a portion of cash flows or fairvalues of a financial instrument as a hedged item. This amendment iscurrently not applicable to the Company.4214CARIBBEAN CEMENT COMPANY & ITS SUBSIDIARIES
CARIBBEAN CEMENT COMPANY LIMITED AND ITS SUBSIDIARIESNotes to the Consolidated Financial StatementsYear ended 31 December 2008(Expressed in Jamaican Dollars)2. Significant accounting policies (continued)a) Basis of preparation (continued)(iii)Future changes in accounting standards and interpretations (continued)• IFRS 1 (Revised), First-time Adoption and IAS 27, Consolidatedand Separate Financial Statements (effective from annual periodsbeginning on or after 1 January 2009) provides guidance ondetermining the cost of investments in subsidiaries, jointly controlledentities and associates in the financial statements of a parent entitythat prepares separate financial statements. This amendment iscurrently not applicable to the Group.• IFRS 2 (Revised), Share-based Payment (effective from annualperiods beginning on or after 1 January 2009) requires amendmentsregarding vesting conditions and cancellations, and clarifies thatvesting conditions are service conditions and performance conditionsonly, while other features of a share-based payment are not vestingconditions. This amendment is currently not applicable to theCompany.• IFRS 3 (Revised), Business Combinations (effective from annualperiods beginning on or after 1 July 2009). The amendments werethe result of a joint project with the US FASB, and certainfundamental changes and improvements were made to reinforce theexisting standard and remedy problems that have emerged with itsapplication. The impact of this amendment has not yet been assessedthe Management of the Group.• IFRS 8, Operating Segments (effective from annual periods beginningon or after 1 January 2009) will replace IAS 14 Segments Reportingand increases the level of disclosure required, as well as, replace therequirement to determine primary (business) and secondary(geographical) reporting segments for the Company and extends thescope to include entities that meet certain requirements. The impactof this standard has not yet been assessed by the Management of theGroup.1543ANNUAL REPORT 2008
Page 3 and 4: Corporate DataCARIBBEAN CEMENT COMP
Page 5 and 6: Mr. Derek Jones wasappointed to the
Page 7: Objectives of the BoardAudit Commit
Page 10 and 11: Statement from the ChairmanThe year
Page 12 and 13: Outlook for 2009With the impact of
Page 14 and 15: Management Discussion & AnalysisOpe
Page 16 and 17: 10.009.008.007.006.005.004.003.002.
Page 18: Senior Management TeamFrancis L.A.
Page 21 and 22: 21ANNUAL REPORT 2008
Page 23 and 24: CEMENT MILL 5UNDER CONSTRUCTIONThe
Page 25 and 26: ‘PLANTS FOR LIFE’The Plants for
Page 28 and 29: Ten Year Financial Summary(In $’0
Page 30 and 31: CARIBBEAN CEMENT COMPANY LIMITED AN

Directors - Caribbean Cement Company Limited

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