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IAASA sets out key topics for consideration in preparing 2017 financial statements


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, approving and auditing 2017 financial statements.

The document is addressed primarily to the preparers, approvers and auditors of financial statements; however, IAASA believes that it will also be useful to users of financial statements in helping them to understand the significant judgements made by companies in preparing financial statements.  The document seeks to highlight matters users may wish to be aware of and focus on when reviewing those financial statements. 

While IAASA’s remit extends only to companies with securities admitted to trading on a regulated market (principally the Main Market of the Irish Stock Exchange), the topics identified in the 2017 Observations document could usefully be taken into consideration by a broader 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.

IAASA’s Observations document focuses on some key areas that merit close scrutiny by those preparing, approving and auditing 2017 financial statements in the upcoming reporting season including:

  • disclosing the impact of new Accounting Standards issued but not yet effective;

  • presenting alternative performance measures (‘APMs’) in a transparent and consistent fashion;

  • the measurement and disclosure of fair values; and

  • the accounting treatment of uncertain tax positions.

The Observations document may be accessed here.

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


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