ECCB 2023-2024 Annual Report
Eastern Caribbean Central Bank Notes to the Financial Statements For the year ended 31 March 2024 (Expressed in Eastern Caribbean dollars)
2. Material accounting policies ( continued)
p) Currency in circulation (continued) DCash in circulation
The Digital Eastern Caribbean Dollar (DCash) was a securely minted digital version of the Eastern Caribbean dollar issued by the ECCB. The DCash Pilot platform concluded on 12 January 2024. Thus, DCash issued during the pilot phase is no longer accepted as legal tender.
The values of notes and coins in circulation and DCash in circulation are disclosed in Note 17.
q) Related parties A related party is a person or entity that is related to the entity that is preparing its financial statements (referred to in IAS 24 Related Party Disclosures as the “reporting entity, in this case, the Bank”). (a) A person or a close member of that person’s family is related to the Bank if that person: (i) has control or joint control over the Bank; (ii) has significant influence over the Bank; or (iii) is a member of the key management personnel of the Bank or of a parent of the Bank. (b) An entity is related to the Bank if any of the following conditions applies: (i) The entity and the Bank are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others). (ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member). (iii) Both entities are joint ventures of the same third party. (iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity. (v) The entity is a post-employment benefit plan for the benefit of employees of either the Bank or an entity related to the Bank. (vi) The entity is controlled, or jointly controlled by a person identified in (a). (vii) A person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity). (viii) The entity or its parent is provided with key management personnel services by the management entity. A related party transaction is a transfer of resources, services or obligations between related parties, regardless of whether a price is charged. r) Taxation In accordance with Article 50 (8) (a) of the Eastern Caribbean Central Bank Agreement Act 1983, the Bank’s income is exempt from any form of taxation.
39
Made with FlippingBook Digital Proposal Maker