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IAASA publishes financial reporting enforcement findings in respect of Global Fixed Income Realisation Limited

25/11/2015

IAASA, (Ireland’s accounting enforcer) has today published its financial reporting enforcement findings arising from its examination of the annual financial statements of Global Fixed Income Realisation Limited (‘the issuer’) for the year ended 31 December 2014.

On 4 February 2015, the Minister for Jobs, Enterprise and Innovation signed the Transparency (Directive 2004/109/EC) (Amendment) Regulations 2015 (S.I. No. 44 of 2015) which came into operation on 9 February 2015. The effect of those Regulations is that IAASA is afforded a wider discretion in terms of publication of its financial reporting enforcement findings than previously.

IAASA issued its final Policy Paper on Publication of Financial Reporting Enforcement Findings on the 17 July 2015 after issuing a draft policy paper for comment.  

The main enforcement finding concerns the absence of disclosure of certain liquidity risk information in those financial statements that IAASA considered did not comply in full with IFRS 7.

The issuer provided IAASA with undertakings to enhance its liquidity risk disclosures in future periodic financial statements.  In addition, the issuer provided IAASA with a further eleven undertakings to enhance disclosures in future periodic financial statements, with regard to, price risk, credit risk, fair value measurement and operating segments as well as other matters.    

Further details of the financial reporting enforcement findings can be accessed here.

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