The TT Chamber Annual Report for 2019

2019 Financial Statements
NOTES TO THE FINANCIAL STATEMENTS
For the year ended as at 31 st December, 2019
1. Incorporation and principal activities
The Chamber is an association limited by guarantee and was incorporated on 12 th January 1891
and continued on 16 th October 1998 under the Companies Act 1995 in the Republic of Trinidad and
Tobago. The registered office of the Chamber is located at Site T, Columbus Circle, Westmoorings. Its
principal activities are the promotion and protection of the trading interests of its members and the
general trade of the company.
The Dispute Resolution Centre was launched in 1996 by the Chamber. Its principal activities are the
provision of professional facilitation and mediation services and training for the business and private
sectors.
At 31 st December 2019, the Chamber employed 24 employees (2018: 28 employees).
2. Statement of significant accounting policies
a) Basis of preparation
The financial statements are prepared in accordance with International Financial Reporting Standards
(IFRS) and (IFRIC) interpretations, under the historical cost convention. The preparation of financial
statements in conformity with International Financial Reporting Standards requires the use of certain
critical accounting estimates. It also requires management to exercise its judgement in the process
of applying the Chamber’s accounting policies. There are no estimates and assumptions that have
a significant risk of causing a material adjustment to the Chamber’s carrying amounts of assets and
liabilities within the next financial year.
b) Standards in issue not yet effective
The following is a list of standards and interpretations issued that are not effective up to the date of
issuance of the Chamber’s financial statements. The Chamber reasonably expects these standards
and interpretations to be applicable at a future date and intends to adopt those standards and
interpretations when they become effective.
The Chamber is currently assessing the impact of adopting these standards and interpretations since
the impact of adoption depends on the assets held by the Chamber at the date of adoption, it is not
practical to quantify the effect at this time.
Standard
Issued
Effective
Date
IFRS 3 12 Dec 2017 1 Jan 2019 Clarification
Subject
IFRS 3 22 Oct 2018 1 Jan 2020 New definition of “Business”
IFRS 9 12 Oct 2017 1 Jan 2019
Classification of Prepayment Features with
Negative Compensation
IFRS 11 12 Dec 2017 1 Jan 2019 Clarification
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