MCCU Annual Report - page 95

95
33. Effects of Changes in Accounting Policies:
(i) Adoption of IAS 19 (Revised 2011)
The adoption of IAS 19 (Revised 2011) have resulted in changes to:
(a) The way income or expenses is determined in relation to the Credit Union's defined benefit pension plan.
(ii) Quantitative effects of change in accounting policy.
The table below presents a summary of the quantitative effects of the above change in accounting policy.
Effects on statement of financial of position
1st January 2012
Previously
Reported
IAS 19
Adjustments
Restated
Financial
Position
$
$
$
ASSETS:
EARNING ASSETS:
Liquid Assets
769,269,129
-
769,269,129
Loans to Members after Provision for Impairment
1,187,638,487
-
1,187,638,487
Financial Investments
594,653,711
-
594,653,711
Total Earning Assets
2,551,561,327
-
2,551,561,327
NON-EARNING ASSETS:
Liquid Assets
52,614,343
-
52,614,343
Other Assets
39,282,713
-
39,282,713
Property, Plant & Equipment
61,799,697
-
61,799,697
Retirement Benefit Asset
50,901,000
(13,406,000)
37,495,000
Total Non-Earning Assets
204,597,753
(13,406,000)
191,191,753
TOTAL ASSETS
2,756,159,080
(13,406,000)
2,742,753,080
LIABILITIES :
INTEREST BEARING LIABILITIES:
Members' Voluntary Share Capital
1,169,292,535
-
1,169,292,535
Savings Deposits
886,316,554
-
886,316,554
Total Interest Bearing Liabilities
2,055,609,089
-
2,055,609,089-
NON-INTEREST BEARING LIABILITIES:
9,656,977
-
9,656,977
17,425,829
-
17,425,829
6,544,669
-
6,544,669
Total Non-Interest Bearing Liabilities
33,627,475
-
33,627,475
TOTAL LIABILITIES
2,089,236,564
-
2,089,236,564-
EQUITY:
-
Members' Permanent Share Capital
57,198,000
-
57,198,000
Non-Institutional Capital
223,167,276
(13,406,000)
209,761,276
Institutional Capital
386,557,240
-
386,557,240
Total Capital
666,922,516
(13,406,000)
653,516,516
TOTAL LIABILITIES AND EQUITY
2,756,159,080
(13,406,000)
2,742,753,080
MANCHESTER CO-OPERATIVE CREDIT UNION (1977) LIMITED
NOTES TO THE FINANCIAL STATEMENTS - (CONT'D)
YEAR ENDED 31ST DECEMBER 2013
Payables
Others
Accruals
MANCHESTER CO-OPERATIVE CREDIT UNION
ANNUAL REPORT 2013
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