Trinidad and Tobago Unit Trust Corporation
Notes
to the Consolidated
Financial Statements
FOR THE YEAR ENDED
31 DECEMBER, 2012
Expressed in
Trinidad and Tobago dollars
A6
1) INCORPORATION AND
PRINCIPAL ACTIVITIES
The Trinidad & Tobago Unit Trust Corporation (the
Corporation
)
was established by the Unit Trust Corporation of Trinidad
and Tobago Act (the
Act
), Chapter 83:03 of the Laws of the
Republic of Trinidad and Tobago, generally to provide facilities
for participation by members of the public in investing in shares
and securities approved by the Board. The Finance Act of 1997
permitted expansion of the Corporation’s scope of business
to include other financial services, such as merchant banking,
trustee and card services.
The Corporation controlled eight (8) subsidiary companies
during 2012.
2) SIGNIFICANT
ACCOUNTING POLICIES
The principal accounting policies adopted in the preparation of
these Consolidated Financial Statements are stated below. These
policies have been consistently applied to all years presented,
unless otherwise stated.
a) Basis of Preparation
i. The Consolidated Financial Statements have been prepared in
accordance with International Financial Reporting Standards
(
IFRS
) and the Act, under the historical cost convention,
except as modified in respect of security valuation. The
accounting policies in all material respects conform to IFRS.
ii. These Consolidated Financial Statements are presented in
Trinidad and Tobago dollars, which is the functional currency
of the Corporation. All financial information presented in
Trinidad and Tobago dollars has been rounded to the nearest
thousand except where otherwise indicated.
iii. The preparation of Consolidated Financial Statements
in accordance with IFRS requires management to make
judgements, estimates and assumptions. Management
reviews these estimates and underlying assumptions on
a regular basis. Revisions to accounting estimates are
recognised in the period in which the estimates are revised
and in any future periods affected. The significant areas in
which management has had to exercise its judgement are:
the determination of impairment charges with respect to
fixed assets, intangible assets and investment securities.
Unit Trust Corporation
Annual Report 2012
