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Financial Reporting Supervision Unit (FRSU)

The main activities undertaken by IAASA in fulfilling its role of supporting and enhancing public confidence in financial reporting are:

  • the exercise of effective, independent oversight of statutory financial reporting of issuers within its supervisory remit by examining the compliance of annual and half-yearly financial reports of issuers with the relevant reporting framework;
  • cooperation with EU National Accounting Enforcers to promote the consistent enforcement of IFRS across the EU;
  • cooperation in the development of financial reporting standards; and
  • the provision of accounting advice to the Minister.


The primary function of IAASA’s Financial Reporting Supervision Unit is to examine the compliance of certain entities’ periodic financial reporting with relevant reporting frameworks, i.e. applicable accounting standards (in the main International Financial Reporting Standards (IFRS) and Irish Generally Accepted Accounting Practice (GAAP)) and relevant legislation.

The Unit is also responsible for liaising with other countries’ financial reporting and enforcement bodies and fora, including the European Enforcer Coordination Sessions (EECS).

EECS, a forum established by the European Securities and Markets Authority (ESMA) on foot of Directive 2003/51/EC of the European Parliament and the Council of 18 June 2003 (the IAS Regulation), brings together all EU National Enforcers of financial information. The enforcers meet to exchange views and discuss experiences of enforcement of IFRS. A key function of EECS is the analysis and discussion of decisions taken by independent EU/EEA National Enforcers in respect of financial statements published by issuers with securities traded on a regulated market and who prepare their financial statements in accordance with IFRS. The purpose of this is to increase convergence amongst enforcers’ activities across Europe. ESMA regularly publishes extracts from the EECS database of enforcement decisions contributing to provide greater transparency for market participants on application of standards that they consider useful.

IAASA is also a member of the EECS Agenda Group. Accordingly, IAASA also has a direct input to, and involvement in:

  • the review of emerging cases and decisions as tabled by EU/EEA National Enforcers, with a view to assessing those which should be afforded priority for consideration at plenary; and
  • the review of enforcement decisions taken by EU/EAA National enforcers with a view to determining whether they meet the criteria for publication.


IAASA’s statutory functions also include cooperation with interested parties in the development of accounting standards. In this regard, IAASA has observer status at the UK Corporate Reporting Council of the Financial Reporting Council and attends its meetings.

Further information on aspects of IAASA’s financial statement review remit can be obtained in the FAQ section.