A n n u a l R e p o r t 2 0 1 3 • T C L F i n a n c i a l S t a t e m e n t s
40
1. Incorporation and activities
Trinidad Cement Limited (the “Parent Company”) is
a limited liability company incorporated and resident
in the Republic of Trinidad and Tobago and its shares
are publicly traded on the Trinidad and Tobago Stock
Exchange (TTSE), Jamaica Stock Exchange (JSE),
Barbados Stock Exchange (BSE), Eastern Caribbean
Securities Exchange (ECSE) and the Guyana Association
of Securities Companies and Intermediaries Inc.
(GASCI). Trinidad Cement Limited is the ultimate parent
of the Group. The Group (Trinidad Cement Limited and
its Subsidiaries) is involved in the manufacture and
sale of cement, lime, premixed concrete, packaging
materials and the winning and sale of sand, gravel and
gypsum. The registered office of the Parent Company is
Southern Main Road, Claxton Bay, Trinidad.
A listing of the Group’s subsidiary companies is detailed
in Note 23.
2. Significant accounting policies
(i)
Basis of preparation
The consolidated financial statements of the Group
are prepared under the historical cost convention.
The consolidated financial statements provide
comparative information in respect of the previous
period. In addition, theGrouppresents an additional
statement of financial position at the beginning
of the earliest period presented when there is a
retrospective application of an accounting policy,
a retrospective restatement, or a reclassification
of items in the financial statements. An additional
statement of financial position as at 1 January
2012 is presented in these consolidated financial
statements due to retrospective application of
a change in accounting policy relative to IAS 19
“Employee Benefits” (Revised 2011).
In addition, the consolidated financial statements
have been updated to include an additional
statement of income, comprehensive income,
changes in equity and cash flows for the year
ended 31 December 2011, together with related
notes.
Statement of compliance
These consolidated financial statements of the
Group have been prepared in accordance with
International Financial Reporting Standards (IFRS)
as issued by the International Accounting Standards
Board (IASB).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2013 • (Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)
Changes in accounting policy and disclosures
The accounting policies adopted in the preparation
of these consolidated financial statements are
consistent with those followed in the preparation
of the Group’s annual financial statements for the
years ended 31 December 2012 and 2011 except
for the standards and interpretations noted below:
New and amended standards and interpretations
The Group applied, for the first time, certain
standards and amendments that became applicable
for the 2013 financial year. The financial statements
have been restated as the Group applied IAS 19
(Revised 2011) retrospectively in the current period
in accordance with the transitional provisions set
out in the revised standard.
The nature and the impact of each new standard
and amendment are described below:
IFRS 10, ‘Consolidated Financial Statements’
IFRS 10 builds on existing principles by identifying
the concept of control as the determining factor
in whether an entity should be included within
the consolidated financial statements of the
parent company. The standard provides additional
guidance to assist in the determination of control
where this is difficult to assess. The adoption of this
standard did not impact the consolidated financial
statements.
IFRS 11, ‘Joint Arrangements’
IFRS 11, ‘Joint arrangements’ focuses on the rights
and obligations of the parties to the arrangement
rather than its legal form. Thereare two types of joint
arrangements: joint operations and joint ventures.
Joint operations arise where the investors have
rights to the assets and obligations for the liabilities
of an arrangement. A joint operator accounts
for its share of the assets, liabilities, revenue and
expenses. Joint ventures arise where the investors
have rights to the net assets of the arrangement;
joint ventures are accounted for under the equity
method. Proportional consolidation of joint
arrangements is no longer permitted. The Group
does not have any joint arrangements.
