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Does IAASA publish the outcome of its financial statement examinations?

IAASA’s Annual Reports provide an outline of the examinations undertaken and the outcome of those examinations.   In addition, the Transparency (Directive 2004/109/EC) (Amendment) Regulations 2015 (S.I. 44/2015), which came into operation on 9 February 2015, afforded IAASA discretion in terms of publication of its financial reporting findings. IAASA’s  Policy Paper on Publication of IAASA’s Financial Reporting Enforcement … Continued

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What is IAASA’s approach towards issues arising from examinations of periodic financial reports?

Having examined an issuer’s financial report, IAASA corresponds with the directors seeking further information and/or clarification. IAASA may meet with issuer representatives.   When all information, clarifications and/or explanations necessary has been obtained, IAASA will make an assessment as to whether the periodic financial report is in compliance with the relevant reporting framework have been … Continued

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What are the considerations affecting risk assessment and selection?

In summary, IAASA’s risk-based approach to the selection of financial reports for examination considers the:   risk of material misstatement in issuers’ financial reports; and   potential impact of such a misstatement on the users of financial reports.   IAASA is committed to the application of ESMA standards and guidelines on enforcement of financial reporting. ESMA standards and guidelines … Continued

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How is consistent enforcement of IFRS across the European Union achieved?

European accounting enforcement activities are co-ordinated through the ESMA-sponsored European Enforcers Co-Ordinations Sessions (EECS).   The European Communities (International Financial Reporting Standards and Miscellaneous Amendments) Regulations 2005 (S.I. 116/2005) gives effect to Directive 2003/51/EC of the European Parliament and of the Council of 18 June 2003 (‘the IAS Regulation’).   The IAS Regulation:   requires that certain EU entities (i.e. … Continued

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How does ESMA’s Guidelines on enforcement of financial information impact on IAASA’s examinations?

IAASA is committed to applying ESMA standards and Guidelines.   In particular, IAASA applies the ESMA Guidelines on enforcement of financial information (ref. 4 February 2020).   These Guidelines, which apply to all EU competent authorities, including IAASA, undertaking enforcement of financial information under the EU Transparency Directive, apply in relation to the enforcement of financial information under the EU Transparency … Continued

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What is the scope of examinations undertaken by IAASA?

Depending upon risk factors identified and other relevant considerations, examinations undertaken by IAASA can be categorised as being: Interactive unlimited examination of financial information The evaluation of the entire content of the financial information included in one or more harmonised documents of an issuer in order to identify issues / areas that, in IAASA’s opinion, … Continued

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Which Entities fall within IAASA’s financial reporting examination remit?

Which entities fall within IAASA’s financial reporting examination remit?   Issuer constituency   At 31 December 2021, IAASA’s financial reporting examination constituency as notified by the Central Bank of Ireland comprised 99 issuers made up of:   Type of issuer Number   Equity 27 Closed-ended fund 10 Debt 62   99     Known equity … Continued

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What are issuers’ periodic financial reporting requirements?

Issuers are required to prepare and publish annual and half-yearly financial statements providing minimum specified material and with specified timelines. Issuers’ periodic financial reporting requirements, which come within the IAASA financial reporting examination remit and as laid down by Regulations 4 to 8 of the Transparency (Directive 2004/109/EC) Regulations 2007 (S.I. 277/2007) (as amended), are as follows: … Continued

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How has the EU Transparency Directive been transposed into Irish law?

Following its adoption by the European Parliament and Council on 15 December 2004, the EU Transparency Directive came into effect in Ireland from 13 June, 2007. The EU Transparency Directive has been transposed into Irish law through a combination of: primary legislation (sections 1379 to 1384 of the Companies Act 2014); and secondary legislation (Transparency (Directive 2004/109/EC) Regulations 2007 (S.I. 277 /2007) as … Continued

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What is the scope of the EU Transparency Directive?

The EU Transparency Directive applies to issuers whose securities have been admitted to trading on a regulated market situated, or operating, within the EU. Securities include shares, bonds and other forms of securitised debt, derivative securities and units issued by closed-end investment funds. However, pursuant to Regulation 2 of the Transparency (Directive 2004/109/EC) Regulations 2007 (S.I.277/2007) (as amended), the scope … Continued

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