FINANCIAL STATEMENTS OF NETHERLANDS ANTILLES BANKS
Central Bank requires IFRS
The financial statements of Netherlands Antilles banking institutions must be prepared in accordance with IFRS (International Financial Reporting Standards). The IFRS are a set of accounting standards issued by the International Accounting Standards Board (IASB).
Deviation from this standard is allowed only after prior written approval from the Netherlands Antilles Central Bank. The Central Bank will provide this approval only if a valid reason exists for preparing the accounts based on another internationally accepted accounting standard, such as Dutch or US GAAP.
Under no circumstances is a banking institution allowed to prepare its financial statements using accounting principles not based on internationally acceptable accounting principles.
Karel Frielink
Curacao-based Attorney (lawyer) / Partner
