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The accounting principles applied by the Bank in this report are derived from the Financial Reporting Principles of the Centrale Bank van Curaçao en Sint Maarten1 (reference CBCS/2012/1) dated October 29, 2012, as approved by the Board of Supervisory Directors and stipulated by the Meeting of the Entitled Asset Holders on, respectively, June 28, 2013 (Curaçao) and July 31, 2013 (Sint Maarten).
The following is a summary of the significant accounting principles applied.
The figures presented in these condensed financial statements are stated in Netherlands Antillean Guilders (“NAf”).
Assets and liabilities are valued at nominal value unless otherwise stated. Income is recognized on an accrual basis. Expenses are incurred in the period to which they relate.