JPSPCCU 2017 Financial Statements

Notes to the Financial Statements
For the year ended 31st December 2017
(Expressed in Jamaican Dollars unless otherwise indicated)
2. Adoption of Standards, Interpretations and Amendments (cont'd) :
(a) Standards and interpretations in respect of published standards which are in effect (cont'd):
Improvements to IFRS 2014–2016 cycle contains amendments to certain standards and interpretations and are
effective for accounting periods beginning on or after January 1, 2017 and 2018. The main relevant amendment is
as follows:
Makes amendments to the following standard:
IFRS 12: Disclosure of Interests in Other Entities (Effective January 2017)
Clarifies the scope of the standard by specifying that the disclosure requirements in the standard, except for those
in paragraphs B10–B16, apply to an entity’s interests listed in paragraph 5 that are classified as held for sale, as
held for distribution or as discontinued operations in accordance with IFRS 5: Non-current Assets Held for Sale
and Discontinued Operations
These affected the financial statements for accounting periods beginning on or after the first day of the months
stated. The adoption of these Standards and amendments had no material impact on the Credit Union's financial
statements.
(b) Standards and interpretations in respect of published standards that are not in effect:
Certain new, revised and amended standards and interpretations have been issued which are not yet effective for the
current year and which the Credit Union has not early-adopted. The Credit Union has assessed the relevance of all
the new standards, amendments and interpretations with respect to the credit union's operations and has determined
that the following are likely to have an effect on the Credit Union's financial statements:
IFRS 15: Revenue from Contracts with Customers (IAS 18 will be superseded by IFRS 15 Revenue from
Contracts with Customers.) (Effective January 1, 2018)
IFRS 15 provides a single, principles based five-step model to be applied to all contracts with customers.
The five steps in the model are as follows:
- Identify the contract with the customer
- Identify the performance obligations in the contract
- Determine the transaction price
- Allocate the transaction price to the performance obligations in the contracts
- Recognise revenue when (or as) the entity satisfies a performance obligation.
Guidance is provided on topics such as the point in which revenue is recognised, accounting for variable
consideration, costs of fulfilling and obtaining a contract and various related matters. New disclosures about revenue
are also introduced.
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JPS & Partners Co-operative Credit Union