Directors - Caribbean Cement Company Limited

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)• IFRIC 13, Customer Loyalty Programmes (effective from annualperiods beginning on or after 1 January 2009) requires that awardcredits granted to customers as part of a sales transaction are accountedfor as a separate component of the sales transaction. This interpretationis not applicable to the Group.• IFRIC 15, Agreements for the Construction of Real Estate (effectivefrom annual periods beginning on or after 1 January 2009) regardingwhen and how revenue and related expenses from the sale of real estateas construction progresses should be recognized, and addresses thedivergence in accounting treatment arising from such arrangements.This interpretation is not applicable to the Group.• IFRIC 16, Hedges of a Net Investment in a Foreign Operation(effective from annual periods beginning on or after 1 October 2008)provides guidance on identifying the foreign currency risks that qualifyfor hedge accounting in the hedge of a net investment. It also providesguidance on where within the group the hedging instrument can be heldin the hedge of a net investment, and how an entity should determinethe amount of foreign currency gain or loss, relating to both the netinvestment and the hedging instrument, to be recycled on disposal of thenet investment. This interpretation is not applicable to the Group.• IFRIC 17, Distributions of Non-cash Assets to Owners (effectivefrom annual periods beginning on or after 1 July 2009) providesguidance on how to account for such transactions. It also providesguidance on when to recognize a liability and how to measure it and theassociated assets, and when to derecognize the asset and liability andthe consequences of doing so. This interpretation is not applicable tothe Group.• IFRIC 18, Transfers of Assets from Customers (effective fromannual periods beginning on or after 1 July 2009) provides guidance onwhen and how an entity should recognize items of property, plant andequipment received from their customers. This interpretation is notapplicable to the Group.4416CARIBBEAN CEMENT COMPANY & ITS SUBSIDIARIES