IAASA, Ireland’s accounting enforcer, has today published its financial reporting decisions arising from its examination of the annual financial statements of AerCap Global Aviation Trust’s annual financial statements for the year ended 31 December 2015.
AerCap Global Aviation Trust is a Statutory Trust formed at Delaware, USA having its principal office in Ireland and is engaged in the leasing and financing of commercial jet aircraft and engines.
IAASA concluded that AerCap Global Aviation Trust had not complied, in full, with the disclosure requirements of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and Regulation 5(4)(c)(ii) of Transparency (Directive 2004/109/EC) Regulations 2007 (S.I. No. 277 of 2007) (as amended). AerCap Global Aviation Trust provided IAASA with undertakings to provide additional disclosures in future financial statements regarding:
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Revenue;
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Secured and unsecured notes and subordinated debt;
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The accounting policy for aircraft and equipment purchase commitments and non-refundable deposits;
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Assets pledged as security;
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Management Report – fair review of the business; and
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Analysis of expenses.
IAASA’s policy on publishing financial reporting decisions and the criteria to be met for such decisions to be published is set out in IAASA’s Policy Paper on Publication of IAASA’s Financial Reporting Findings.
The financial reporting decisions arising from the examination of the annual financial statements of AerCap Global Aviation Trust’s annual financial statements for the year ended 31 December 2015 can be accessed here.