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IAASA highlights key areas for companies to consider in preparing 2018 accounts

11/09/2018

IAASA, Ireland’s accounting enforcer, has today published its annual Observations document highlighting those key topics that management, Directors and Audit Committees should consider when preparing and approving 2018 financial statements. 

The document highlights some key areas that warrant close scrutiny by those preparing, approving and auditing 2018 financial statements in the upcoming reporting season including:

  • the impact of new financial reporting standards;

  • significant judgments and sources of estimation uncertainty;

  • accounting treatment applied in respect of complex customer and supplier arrangements; and

  • the presentation of alternative performance measures (‘APMs’).

While this document is addressed primarily to the preparers, approvers and auditors of financial statements, IAASA believes that it should also be helpful to users of financial statements and assist them in understanding the significant judgements made by companies in preparing financial statements.  This 2018 Observations document seeks to highlight matters users may wish to be aware of and focus on when reviewing 2018 financial statements. 

While IAASA’s remit extends only to companies with securities admitted to trading on a regulated market (principally the Main Market of Euronext Dublin – the Irish Stock Exchange), the topics identified in the 2018 Observations document could usefully be taken into consideration by a much wider range of companies with the aim of improving the quality of financial reporting generally and to increase the transparency and usefulness of financial statements for users.

The 2018 Observations document may be accessed here.

IAASA’s Observations documents from earlier years may be accessed here.

 

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