Summary financial statements 2015 - Notes

This chapter contains a summary of the financial statements for the 2015 financial year. The auditor’s report only covers the balance sheet, the income statement and the accompanying notes in the Financial chapter of this annual report. In the Netherlands there are no generally accepted criteria available for compiling summary financial statements. Therefore the Management Board has developed these criteria. The purpose of this chapter is to provide a comprehensible summary of the BOIP’s financial statements. The criteria and the aggregation level applied in this summary are geared toward this purpose.

The balance sheet as at 31 December 2015 and the 2015 income statement from the financial statements are fully incorporated in this summary. This year, with a view

to aiding understanding, a statement of equity movements has been appended to it.

For the first time, the financial statements are based on the IPSAS (previously: Part 9 of Book 2 of the Dutch Civil Code). These International Public Sector Accounting Standards are better suited to the international and non-profit nature of the BOIP. Using the IPSAS means that a number of items in the financial statements are presented differently from how they were presented in the past. The effect of these changes has been incorporated in the balance sheet as at 1 January 2015, which on the basis of IPSAS 1 p.151" is presented to show comparative figures. The overall effect of the adjustments (€16,867,000) has been charged directly to equity.

Comparative figures are absent from the profit and loss account since the convergence of the Headquarters Agreement’s implementation and the transition to IPSAS would not bring added value because the figures are not comparable. This is in accordance with the transitional provisions in IPSAS 33 First-time Adoption of Accrual Basis IPSAS para. 77 and 79. Except for the absence of comparatives figures no use is made of transitional provisions in IPSAS 33.

This summary is limited to the repetition of the accounting policies for material items in the financial statements. The notes required based on IPSAS are set out in a simplified manner, taking account of the intended purpose of these summary financial statements.

The accompanying summary was issued at a later date than the financial statements. Because this document only intends to provide a summary of the original financial statements for the 2015 financial year, the events in the interim period have not been taken into account.

Reading this summary may not substitute reading the original audited financial statements for the 2015 financial year due to the fact that various simplifications have been introduced. Users who need more information can view a copy of the financial statements at the BOIP’s office.