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
A8
vi. There are new IFRS and amendments to IFRS which the Cor-
poration opted not to early adopt in 2012. These new stan-
dards and amendments were not applied in the preparation
of these Consolidated Financial Statements. The Standards
and amendments are:
»
»
IFRS 9, Financial Instruments. This standard is the first step
in the process to replace IAS 39, ‘Financial Instruments:
recognition and measurement’. IFRS 9 introduces new re-
quirements for classifying and measuring financial assets.
Though initially announced as mandatory from 1 January
2013, the standard at present is not mandatory until 1 Jan-
uary 2015 but may be early adopted.
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IFRS 10 – Consolidated Financial Statements. IFRS 10 es-
tablishes control as the single basis for consolidation of an
entity. It states that an investor can control an entity with
less than 50% of the voting rights and provides specific
application guidance for agency relationships. IFRS 10 is
mandatory from 1 January 2013 and is expected to have
a significant impact on the presentation of the Group’s
Consolidated Financial Statements as the Group will be
required to consolidate most of the Funds under manage-
ment line by line.
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»
IFRS 11 – Joint Arrangements. This standard deals with the
classification of arrangements where two or more parties
have joint control. The standard is not expected to have
a material impact on the Group’s financial statements in
the immediate future. The standard is mandatory from 1
January 2013.
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»
IFRS 12 – Disclosure of Interests in Other Entities. This stan-
dard is mandatory from 1 January 2013 and extends the
disclosure requirements of entities that have interests in
subsidiaries, joint venture arrangements, associates or un-
consolidated structured entities. Adoption of this standard
is not expected to have a material impact on the Group’s
financial statements.
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IFRS 13 – Fair Value Measurement. This standard provides a
single source of guidance for fair value measurements and
related disclosures. In general, the disclosure requirements
are more extensive than those under other standards.
Adoption of this standard is expected to impact the pre-
sentation of the Group’s Consolidated Financial Statements.
The standard is mandatory from 1 January, 2013.
2) SIGNIFICANT ACCOUNTING POLICIES
(continued)
a) Basis of Preparation
(continued)
Unit Trust Corporation
Annual Report 2012
