Page 66 - UTC Annual Report 2011

Basic HTML Version

For the year ended 31 December, 2011
Expressed in Trinidad & Tobago Dollars
Trinidad & Tobago Unit Trust Corporation
notes
to the Consolidated
financial statements
a6
Unit Trust Corporation
Annual Report 2011
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 services and card services.
The Trinidad & Tobago Unit Trust Corporation controlled nine (9) subsidiary companies during the first six months of
2011 and eight (8) subsidiary companies for the latter half of 2011.
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
The Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards
(IFRS) and the Unit Trust Corporation of Trinidad and Tobago Act, under the historical cost convention, except as modified in
respect of security valuation (see (d) below). The accounting policies in all material respects conform to IFRS.
Certain new standards, amendments to published standards and interpretations were published during the current
financial year. With respect to the Group they may be classified as shown below:
i.
New standards, amendments and interpretations adopted by the Group
Improvements to IFRS and the pronouncements of the International Financial Reporting Interpretations Com-
mittee (IFRIC) are issued annually. They contain numerous amendments to IFRS and IFRIC that the Interna-
tional Accounting Standards Board (IASB) considers non-urgent but necessary. Improvements to IFRS and
IFRIC comprise amendments that resulted in accounting changes for presentation, recognition or measure-
ment purposes, as well as terminology or editorial amendments related to a variety of individual IFRS and
IFRIC. Adoption of these amendments did not have a material impact on the Group’s financial statements.
The following amendments are effective for annual periods beginning on or after 1 January, 2011.
-
IFRS 3 (revised), was amended to clarify the measurement choice regarding non-controlling interest and also to
provide more guidance regarding the accounting for share-based payment awards;
-
IFRS 7 amended the disclosures required on the transfer of financial assets;
-
IAS 32 was amended to address the classification of certain rights issues denominated in a foreign currency;
-
IFRIC 14 addresses when refunds or reductions in future contributions should be regarded as available in accord-
ance with paragraph 58 of IAS 19;