MCCU Annual Report - page 55

55
1.
Identification:
(a)
(b)
(c)
2.
Adoption of Standards, Interpretation and Amendments:
a)
MANCHESTER CO-OPERATIVE CREDIT UNION (1977) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31ST DECEMBER 2013
The Co-operative is exempt from Income Tax under Section 59 (1) of the Co-operative Societies Act and
Section 12 of the Income Tax Act.
The Co-operative is registered under the Co-operative Societies Act. Membership is limited to persons
working, living or born in the parish of Manchester, residents within a twenty-mile radius of Christiana and
spouses, parents, brothers, sisters, children and grandchildren of members. The Co-operative's main activities
are:
the promotion of thrift;
the provision of loans to members exclusively for provident and productive purposes; and
to receive the savings of its members either as payment on shares or as deposits.
IAS 1: Presentation of Items of Other Comprehensive Income (Effective July 2012)
The amendments to IAS 1 retain the option to present profit or loss and other comprehensive income in
either a single statements or in two separate but consecutive statements. However, the amendments to
IAS 1 require additional disclosures to be made in the other comprehensive income section, such that
items of other comprehensive income are grouped into two categories: (a) items that will not be
reclassified subsequently to profit or loss; and (b) items that will be reclassified subsequently to profit or
loss when specific conditions are met.
The following are Standards and Interpretations in respect of published standards which are in effect and
are relevant to the Credit Union:
The International Accounting Standards Board (IASB) issued certain new standards and interpretations as
well as amendments to existing standards, which became effective during the year under review.
Management has accessed the relevance of these new standards, interpretations and amendments and has
adopted and applied in these financial statements, those standards which are considered relevant to its
operations. The new standards which became effective during the year and considered relevant to the
Credit Union were:
MANCHESTER CO-OPERATIVE CREDIT UNION
ANNUAL REPORT 2013
I...,45,46,47,48,49,50,51,52,53,54 56,57,58,59,60,61,62,63,64,65,...126
Powered by FlippingBook