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IAASA challenges issuers on ‘fair review of the business’ disclosures

IAASA, Ireland’s accounting enforcer, has today published a Paper “Transparency Regulations – information requests”.

Companies are required to publish a Management Report setting out a fair review of the development and performance of the business and the position of the company along with a description of the principal risks and uncertainties that the company faces.

Such reports can be broad ranging covering everything from an analysis of the profitability of the company in the year, business acquisitions and disposals, climate change targets and initiatives, to the risks (e.g., cybersecurity, geopolitical, economic risks) that the company faces.

This Paper lists some information requests that IAASA has made to companies as part of its financial statement examinations. Consideration by management, audit committees and auditors as to how they might respond to such questioning may assist companies in providing high quality information to users of their financial reports.

The Paper is available here.