Page 39 - NIB Annual Report 12-13 | 13-14

TURKS AND CAICOS ISLANDS NATIONAL INSURANCE BOARD
Notes to Financial Statements, continued Year ended March 31, 2013
2. Basis of preparation, continued
(d) Use of estimates and judgements, continued
Information about significant areas of estimation, uncertainty and critical judgements in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements is included in the following notes:
 Note 6
 Note 11
 Note 14
 Note 15
 Note 19
 Note 27
 Note 28
– Contributions and other receivables – net – Long-term deposits – net
– Investment in TCI Bank Limited
– Accounts payable and accrued expenses – Benefits
– Actuarial review
– Contingent liabilities
These financial statements have been prepared on a going concern basis. No adjustments or reclassifications have been made that might be necessary if a basis of accounting other than a going concern basis were to be used.
3. Significant accounting policies
The accounting policies set out below have been applied consistently to all periods presented in these financial statements, and have been applied consistently by NIB.
Certain comparative amounts have been reclassified to conform with the current year’s financial statement presentation.
(a) Non-derivative financial instruments
Non-derivative financial instruments are recognised initially at fair value, plus any directly attributable transaction costs, on the trade date at which NIB becomes a party to the contractual provisions of the instrument.
Subsequent to initial recognition, non-derivative financial instruments are measured as described below.
Financial assets are derecognised when NIB’s contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by NIB is recognised as a separate asset or liability.
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