MCCU Annual Report - page 94

94
32. Financial Instruments and Financial Instruments Risk Management (cont'd):
e) Fair Value (cont'd)
Carrying
Fair
Carrying
Fair
Value
Value
Value
Value
2013
2013
2012
2012
$
$
$
$
Assets
Earning Assets
783,590,567
783,590,567
634,247,938
634,247,938
1,790,208,729 1,790,208,729 1,571,436,133 1,571,436,133
585,726,681
585,726,681
644,501,939
644,501,939
Non Earning Assets
Liquid Assets
60,452,717
60,452,717
43,178,833
43,178,833
Other Assets
26,973,266
26,973,266
37,489,373
37,489,373
Liabilities
Interest Bearing Liabilities
1,335,126,053 1,335,126,053 1,240,806,081 1,240,806,081
Member's Deposits
1,132,537,532 1,132,537,532 1,003,447,538 1,003,447,538
Non-Interest Bearing Liabilities
Accruals
12,583,905
12,583,905
14,294,055
14,294,055
Payables
15,190,212
15,190,212
12,339,701
12,339,701
Others
5,167,517
5,167,517
6,006,960
6,006,960
Financial Investments
Financial Investments and Liquid Assets classified as available for sale are measured at fair value by reference to
quoted market prices when available. If quoted market prices are not available, then fair values are estimated on the
basis of pricing or other recognised valuation techniques;
NOTES TO THE FINANCIAL STATEMENTS - (CONT'D)
Loans to Members (net)
The fair value of the quoted equities is determined based on their quoted bid price at the date of the statement of
financial position. The fair value of Government of Jamaica securities is estimated by discounting the future cash
flows of the securities at the estimated yields at the date of the statement of financial position for similar securities.
The estimated fair values of loans to members are assumed to be the principal receivable less any allowance for loan
losses.
The fair value of external credits, deposits payable on demand or after notice, and deposits with a variable or floating
rate payable on a fixed date are assumed to be equal to their carrying values. The estimated fair values of fixed rate
deposits payable within a year are assumed to approximate their carrying values, due to their short-term nature.
YEAR ENDED 31ST DECEMBER 2013
Fair values were estimated a follows:
MANCHESTER CO-OPERATIVE CREDIT UNION (1977) LIMITED
Loans and long term liabilities are carried at amortised cost, which is deemed to approximate their fair values as
these balances attract rates and terms comparable to market rates and terms for similar transactions;
The fair values of deposits which are payable on demand or notice are assumed to be equal to their carrying values
due to their short term nature.
The fair values of Liquid Assets, cash and bank balances, interest and other receivables; interest-bearing and non
interest-bearing liabilities are assumed to approximate their carrying values due to their short-term nature;
Members' Vol. Share Capital
Liquid Assets
MANCHESTER CO-OPERATIVE CREDIT UNION
ANNUAL REPORT 2013
I...,84,85,86,87,88,89,90,91,92,93 95,96,97,98,99,100,101,102,103,104,...126
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