MCCU Annual Report - page 56

56
2.
Adoption of Standards, Interpretation and Amendments (cont'd):
a)
The application of the new Standard has resulted in more extensive disclosures in the financial
statements.
IFRS 13: Fair Value Measurement (Effective January 2013 with earlier application permitted)
IFRS 13 establishes a single source of guidance for fair value measurements; and disclosures about fair
value measurements. The standard defines fair value, establishes a framework for measuring fair value,
and requires disclosures about fair value measurements. The scope of IFRS 13 is broad; it applies to both
financial instrument items and non-financial instrument items for which other IFRSs require or permit
fair value measurements and disclosures about fair value measurements, except in specified
circumstances. In general, the disclosure requirements in IFRS 13 are more extensive than those required
in the current standards. For example, quantitative and qualitative disclosures based on the three-level fair
value hierarchy currently required for financial instruments only under IFRS 7 Financial Instruments:
Disclosures will be extended by IFRS 13 to cover all assets and liabilities within its scope.
The following are Standards and Interpretations in respect of published standards which are in effect and
are relevant to the Credit Union cont'd:
The Standard also deals with the recognition of dividends, certain group reorganisations and includes a
number of disclosure requirements.
The Standard requires that when an entity prepares separate financial statements, investments in
subsidiaries, associates, and jointly controlled entities are accounted for either at cost, or in accordance
with IFRS 9: Financial Instruments.
NOTES TO THE FINANCIAL STATEMENTS - (CONT'D)
YEAR ENDED 31ST DECEMBER 2013
Amends the disclosure requirements in IFRS 7 Financial Instruments: Disclosures to require information
about all recognised financial instruments that are set off in accordance with paragraph 42 of IAS 32
Financial Instruments: Presentation. The amendments also require disclosure of information about
recognised financial instruments subject to enforceable master netting arrangements and similar
agreements even if they are not set off under IAS 32. The IASB believes that these disclosures allow
users of financial statements to evaluate the effect or potential effect of netting arrangements, including
rights of set-off associated with an entity's recognised financial assets and recognised financial liabilities,
on the entity's financial position.
IFRS 7: Financial Instruments: Disclosures (effective January 2013)
IAS 27: Separate Financial Statements (effective January 2013)
MANCHESTER CO-OPERATIVE CREDIT UNION (1977) LIMITED
MANCHESTER CO-OPERATIVE CREDIT UNION
ANNUAL REPORT 2013
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