EASTERN CARIBBEAN CENTRAL BANK
ECCB
ANNUAL REPORT 2014/2015
56
2.
Summary of significant accounting policies
…continued
c) New and revised accounting standards and interpretations
…continued
Standards, amendments and interpretations issued but not yet effective
...continued
The Bank did not early-adopt any new or amended standards for the year ended March 31, 2015.
Neither the Bank’s member governments nor others have the power to amend the financial statements after issue.
d) Use of judgments and estimates
In preparing these consolidated financial statements, management has made judgements, estimates and assumptions
that affect the application of the Bank’s accounting policies and the reported amounts of assets, liabilities, income
and expenses. Actual results may differ from these estimates. The areas involving a higher degree of judgement
or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements
are disclosed in note 3(i).
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized
prospectively.
e) Foreign currency translation
Functional and presentation currency
Items included in the consolidated financial statements are measured using the currency of the primary economic
environment in which the ECCB operates (the “functional currency”). The consolidated financial statements are
presented in Eastern Caribbean dollars, which is the ECCB’s functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing
at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses
resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary
assets and liabilities denominated in foreign currencies are recognised in the consolidated statement of income or
loss. Changes in fair value of monetary securities denominated in foreign currency classified as available-for-sale
are analysed between translation differences resulting from changes in the amortised cost of the security and other
changes in the carrying amount of the security.
Translation differences related to changes in the amortised cost are recognised in profit or loss, and other changes
in the carrying amount, except impairment, are recognised in other comprehensive income or loss.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(expressed in Eastern Caribbean dollars)
March 31, 2015
