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TURKS AND CAICOS ISLANDS NATIONAL INSURANCE BOARD
Notes to Financial Statements Year ended March 31, 2014
1. General information
The Turks and Caicos Islands National Insurance Board (NIB) is a body corporate established in the Turks and Caicos Islands (TCI) on April 6, 1992 pursuant to section 27 of the National Insurance Ordinance 1991 (the Ordinance), as revised. NIB’s primary purpose is to control and manage the National Insurance Fund (“the Fund”) established under section 45 of the Ordinance so as to provide various benefits to persons insured under the Ordinance.
NIB’s registered office address is at the Waterloo Complex, Grand Turk, TCI.
2. Basis of preparation
(a) Statement of compliance
These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and with the requirements of the Ordinance, except for accounting for surcharges due on late contributions (note 3(e)(i)), which are recognised on a cash basis rather than on an accruals basis, and the actuarial present value of long-term benefits, other than retirement benefits (which are disclosed), which were not quantified (note 3(b)).
(b) Basis of measurement
These financial statements have been prepared on a fair value basis for all assets held for investment purposes and under the historical cost convention for all other assets and liabilities.
The methods used to measure fair values are discussed further in note 4.
(c) Functional and presentation currency
These financial statements are presented in United States (US) dollars, which is NIB’s functional currency. All financial information presented in US dollars has been rounded to the nearest dollar.
(d) Use of estimates and judgements
The preparation of these financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected.
104| The National Insurance Board of The Turks and Caicos Islands
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