Wednesday, 15th January, 2014: As a result of an examination by IAASA of the 2011 and 2012 annual financial statements of Global Asset Programme Limited, the Company has issued an amended and re-audited financial report for the year ended 31 December 2012. The amended annual report replaces the one filed with the Irish Stock Exchange on 30 April 2013 (RNS No. 5745D).
The principal amendments are set out in the Statement accompanying the amended report, and in summary are as follows:
(i) Derivatives presented in the Profit and Loss Account and Balance Sheet have been re-presented gross rather than net having regard to the limited recourse nature of the Notes issued;
(ii) Credit risk disclosures have been enhanced so that the credit quality and credit risk of individual classes of financial instruments is apparent. Additional narrative description of the objectives, policies and processes for managing credit risk and changes therein together with relevant quantitative data has been provided by class of financial instrument;
(iii) Other price risk disclosures have been enhanced through the provision of additional narrative disclosure of the nature of other price risk by class of financial instrument. Additional quantitative data has also been provided;
(iv) Fair value disclosure has been enhanced so that the valuation techniques and assumptions used by class of financial instrument are disclosed;
(v) The accounting policy, related to Notes issued has been enhanced. Information is now included for each class of note issued about its nature, the underlying financial instruments, collateral and derivatives, if any, used to hedge risks; and
(vi) The accounting policy related to Derivatives has been enhanced in order to describe the type of derivative used and the accounting policy applied for each type of derivative.
The amended financial statements and accompanying Statement by the Directors can be found here.