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
A7
iv. The accounting policies applied in the preparation of these
Consolidated Financial Statements are consistent with those
of the previous financial year.
v. The Group adopted the following improvements to IFRS
during 2012:
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IFRS 1 – First time adoption of IFRS (Amendment) – Severe
Hyper-inflation and Removal of Fixed Dates for First-time
Adopters (effective 1 July 2011). The amendment provides
guidance on how an entity should resume presenting IFRS
Financial Statements when its functional currency ceases
to be subject to hyper-inflation. Adoption of the amend-
ment had no impact on the Consolidated Financial State-
ments.
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IAS 1 – Presentation of Items of Other Comprehensive In-
come – Amendments to IAS 1 (effective 1 July 2012). The
amendments to IAS 1 change the grouping of items pre-
sented in Other Comprehensive Income (
OCI
). Items that
would be re-classified to profit or loss at a future point in
time, e.g. upon disposal of the asset, must be presented
separately from items that will never be re-classified.
2) SIGNIFICANT ACCOUNTING POLICIES
(continued)
a) Basis of Preparation
(continued)
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IFRS 7 – Financial Instruments: Disclosures. These amend-
ments introduced enhanced disclosure with respect to the
transfer of financial instruments including disclosure of the
possible effects of any risks that may remain with the entity
after the transfer.
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IAS 12 – Income Taxes (Amendment)/Deferred Taxes – Re-
covery of underlying assets (effective 1 January 2012). The
amendment clarifies the determination of deferred tax in
investment property measured at fair value under IAS 40.
The Group does not hold any investment property as de-
fined by IAS 40.
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IAS 19 – Employee Benefits. Significant amendments were
made to IAS 19 in June 2011. The amendments are manda-
tory on 1 January 2013. The Group has early adopted the
amendments. The amendments inter alia: clarify the dis-
tinction between short-term and other long-term employ-
ee benefits; require entities to report in their Statements of
Financial Position the net surplus or deficit of defined benefit
plans; and require the recognition of actuarial gains and loss-
es in Other Comprehensive Income (OCI).
Unit Trust Corporation
Annual Report 2012
