Previous News Items in 2012

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IFIAR First Global Survey of Audit Inspection Findings

Friday, 21st December, 2012:The International Forum of Independent Audit Regulators (IFIAR) has released a summary of the results of its first global survey of audit inspection findings. The survey was designed to identify the level of inspection activity among IFIAR members and the common findings arising from the inspection of the audits of public interest entities and major financial institutions.

IFIAR’s 2012 Summary Report of Inspection Findings may be accessed here.

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Christmas opening arrangements

Friday, 21st December, 2012: The Authority’s offices will be open as follows over the Christmas period:

Monday, 24 December, 2012

9:00 – 12:45

Tuesday, 25 December, 2012

Closed

Wednesday, 26 December, 2012

Closed

Thursday, 27 December, 2012

10.00 – 4:00

Friday, 28 December, 2012

10.00 – 4:00

Monday, 31 December, 2012

10.00 – 4:00

Tuesday, 1 January, 2013

Closed

Wednesday, 2 January, 2013

9.00 – 5:30

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Authority appoints a new Chief Executive

Tuesday, 18th December, 2012: The Authority is pleased to announce the appointment of Ms Helen Hall as Chief Executive and director of the Authority with immediate effect. Helen has been employed by the Authority as Head of Regulatory & Monitoring Supervision since 2006. She was previously a Senior Internal Audit Manager with the United Nations and before that an Audit Partner with Deloitte & Touche in Malawi. At its meeting this morning, the Board wished her every success in her new role

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FRC publishes the first suite of new accounting standards applicable in the UK and Ireland

Thursday, 22nd November, 2012: The Financial Reporting Council (‘FRC’) in the UK has today issued two new Standards: FRS 100 ‘Application of Financial Reporting Requirements’ and FRS 101 ‘Reduced Disclosure Framework’. These Standards, along with FRS 102 when issued, form the basis of the revised accounting framework for UK and Irish GAAP.

Pursuant to its statutory function of cooperating in the development of accounting standards, IAASA has observer status at the meetings of the Accounting Council of the FRC (formerly known as the ASB).

Further information about the new Standards can be found here.

Authority invites expressions of interest from providers of internal audit services

Friday, 16th November, 2012: The Code of Practice for the Governance of State Bodies, requires the Authority, inter alia, “to have a properly constituted internal audit function or engage appropriate external expertise in this regard which should operate in accordance with the provisions set out [therein]”. Having regard to its scale, the Authority has decided to adopt the latter option in meeting the requirements of the Code.  In that context, the Authority is now inviting expressions of interest for the provision of such services over the period 2013-2015 from suitably qualified individuals/firms.

Further details can be found here.

The closing date for receipt of expressions of interest has now passed. Expressions received after the above deadline will not be considered.

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IAASA publishes observations on selected year end financial reporting issues

Tuesday, 13th November, 2012: IAASA has today published observations on selected 2012 year end financial reporting issues affecting entities falling within IAASA’s financial reporting review remit. The challenging economic environment results in continued risk and uncertainty in the recognition, measurement and classification of revenues, expenses, assets and liabilities in 2012 financial statements as well as to associated risks in the context of presentation and disclosure.

The importance of the role played by Boards of Directors and Audit Committees in considering and approving periodic financial reports, as prepared on the directors’ behalf by management, remains all the more important in this challenging economic environment. Set against this backdrop the observations document has been developed with a view to providing information and assistance to issuers’ Boards and Audit Committees.

Stakeholders in entities not falling within IAASA’s financial reporting review remit may also find the observations document of value.

The document can be accessed here:

IAASA has in previous years issued similar documents and these may be accessed below:

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ESMA publishes a public statement which defines the common enforcement priorities for 2012 financial statements

Tuesday, 12th November, 2012: The European Securities and Markets Authority (“ESMA”), has published a public statement, the purpose of which is to define the common enforcement priorities for 2012 financial statements in order to promote consistent application of the European securities and markets legislation, and more specifically that of International Financial Reporting Standards (“IFRS”).  These priorities were identified by national authorities including IAASA and can be accessed here.

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Authority publishes survey on the use of alternative performance measures

Wednesday, 7th November, 2012: IAASA has today published the results of a survey on the use of alternative performance measures by a sample of equity issuers coming within its financial statement review remit. Alternative performance measures are used to analyse the performance, financial position and cash flows of a business and to highlight the key components of an issuer’s results for users of financial statements. The purpose of the Paper is to identify and describe the most common financial alternative performance measures presented in equity issuers’ annual reports and to identify key recommendations which, if applied, should enhance users’ understanding of the performance, financial position and cash flows and enable better comparability across issuers.

The document can be accessed here.

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Chief Executive of IAASA

Friday, 21st September, 2012: The Authority is seeking to recruit a Chief Executive to lead, direct and oversee its diverse range of regulatory, enforcement and advisory roles. The Public Appointments Service is managing this recruitment campaign on the Authority’s behalf, and further details can be downloaded here.

The closing date for applications under this competition has now passed. Late applications will not be considered.

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Opportunity for professional role in IAASA

Friday, 7th September, 2012: The Authority wishes to recruit an experienced accounting or legal professional for its Regulatory & Monitoring Supervision unit. The advertisement for the post as it appeared in national media can be viewed here. Further details of the post on offer can be downloaded here.

The closing date for applications under this competition has now passed. Late applications will not be considered.

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Departure of Authority’s Chief Executive

Wednesday, 29th August, 2012: After more than eight years as Chief Executive of IAASA, Mr. Ian Drennan has left the Authority to take up his appointment as the new Director of Corporate Enforcement. The Authority is liaising with the Department of Jobs, Enterprise & Innovation and the Department of Public Expenditure & Reform in relation to the appointment of his successor. The Authority would like to thank Ian for his exceptional leadership since the establishment of the Authority and wish him every success in his new appointment.

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ESMA publishes a Summary of Responses to its Consultation Paper on Materiality in Financial Reporting

Thursday, 16th August, 2012: In November 2011, the European Securities and Markets Authority (‘ESMA’) issued a consultation paper entitled ‘Considerations of Materiality in Financial Reporting’ to seek comments from interested parties about their understanding of various aspects of materiality in an effort to contribute to a consistent application of this important concept in financial reporting. The deadline for responses was 31 March, 2012.

The Authority’s Head of Financial Reporting Supervision is Chair of the ESMA sub-group on materiality which produced the consultation paper.

ESMA has now published a Summary of Responses to its consultation paper. The Summary provides an overview of the key messages from the responses received to the questions in the consultation paper. The views expressed offered valuable insights relevant not only to accounting enforcers, but also to accounting standard-setters, regulators and other stakeholders.

Given the range of views expressed, and in order to further clarify views on the issues, ESMA has decided to organise a public roundtable on materiality in financial reporting where some of the issues raised in the consultation paper will be discussed.

The Summary of Responses published by ESMA can be accessed here.

Details of the Roundtable are available here.

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Authority publishes sixth Annual Report

Friday, 6th July, 2012: The Authority’s sixth Annual Report has today been laid before the Houses of the Oireachtas, and is now available for download here.

The Report provides a detailed analysis of the Authority’s composition, role, functions and responsibilities in 2011, and a review by the Chairperson and Chief Executive respectively of the challenges faced during the year, the achievements, and a vision for future years. For readers’ ease of reference, the Report includes an At a Glance section, which provides a high level overview of the Authority’s work during the year.

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ESMA publishes its third annual activity report on monitoring enforcement of IFRS in Europe

Monday, 2nd July, 2012: The European Securities and Markets Authority (“ESMA”), has published its third annual activity report on the monitoring and enforcement of International Financial Reporting Standards (“IFRS”) in Europe.

This Report provides an overview of the monitoring and enforcement of IFRS in Europe in the year to 31 December, 2011 through the activities of the European Enforcement Co-ordination Sessions (“EECS”) under the auspices of ESMA.  The main objective of EECS is to co-ordinate the enforcement activities of member states in order to foster and maintain investor confidence.

Summarising the Report, ESMA notes that during 2011:

Approximately 1,950 financial reports were reviewed, of which 850 (2010: 1,000) were subject to a full review and 1,100 (2010: 700) to a partial review. These reviews resulted in approximately 588 (2010: 700) enforcement actions being taken by EU Member States’ national enforcers.

IAASA is an active member of the EECS and, during the period covered by the Report, IAASA:

• attended 7 of the 8 EECS plenary meetings held and actively participated in the consideration of issues brought to the EECS by other members;

• presented 8 enforcement decisions and 3 emerging cases to the plenary for discussion by members;

• actively participated in 2 meetings (2010:2) held with the IFRS Interpretations Committee (formerly known as IFRIC);

• presented its ‘Observations on Selected Financial Reporting Issues’Issuers’ Financial Years Ending on or after 31 December, 2010’ and 2010 Annual Report to the EECS plenary;

• supplied information for a number of ESMA/EECS publications and conducted surveys on the application of IFRS across the EU from an Irish perspective.

• participated the following EECS sub-groups:

o Agenda Group;

o Sub-group on Materiality (Chaired by IAASA), whose objective is to analyse and identify the principles of a common approach to be considered by European accounting enforcers;

o Enforcement Methodology Group, which is charged by the plenary with the development of common review methodologies; and

o Enforcement Actions Group, which is charged by the plenary with the examination of enforcement actions taken by EU national enforcers with the aim of providing an overview and analysis of actions taken by national enforcers across the EU.

The Report can be accessed here.

Authority publishes Information Note on financial reporting considerations relevant to the disclosure requirements of the European Communities (Takeover Bids (Directive 2004/25/EC)) Regulations 2006

Wednesday, 16th May, 2012: Based on certain issues that have been identified during the course of the Authority’s financial reporting review activities, the Authority has published an Information Note on financial reporting considerations relevant to the disclosure requirements of the European Communities (Takeover Bids (Directive 2004/25/EC)) Regulations 2006.

The purpose of the Information Note is to assist issuers’ directors to comply with their financial reporting related obligations in this area, which are set out in the European Communities (Takeover Bids (Directive 2004/25/EC)) Regulations 2006.

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Easter opening arrangements

Thursday, 5th April, 2012: The Authority’s offices will close for the Easter period on Friday, 6 April and Monday, 9 April. The offices will reopen on Tuesday, 10 April.

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Authority revises Enquiry and Investigation procedures

Tuesday, 3rd April, 2012: The Authority has updated its procedures in regard to its statutory Enquiries and Investigations respectively. The revised Regulations, which have today been laid before the Houses of the Oireachtas, can be downloaded below:

S.I. 97 of 2012 - Companies (Auditing and Accounting) Act 2003 (Procedures Governing the Conduct of Section 24 Investigations) Regulations 2012

S.I. 96 of 2012 - Companies (Auditing and Accounting) Act 2003 (Procedures Governing the Conduct of Section 23 Enquiries) Regulations 2012

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Opportunity for accounting professional

Friday, 23rd March, 2012: The Authority wishes to recruit an experienced accounting professional for its Regulatory & Monitoring Supervision Unit. The advertisement for the post as it appeared in national media can be viewed here. Further details of the post on offer can be downloaded here.

This competition is now closed.

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Authority publishes findings of a review of the quality of selected debt and fund issuers’ fair value and risk disclosures

Thursday, 15th March, 2012: IAASA has today published the findings of a review conducted of the quality of selected debt and fund issuers’ fair value and risk disclosures as contained within those issuers’ 2010 annual financial reports. Consistent with IAASA's mandate to promote adherence to high standards in financial reporting, the purpose of this document is to assist those charged with the governance and management of debt and fund issuers to improve the standard of their reporting in this area.

Whilst the review did identify some instances of good quality reporting in this area, it has identified a range of deficiencies in the nature and quality of the information provided to users. In particular, selected debt issuers’ financial reports were, in some instances, found to contain significant non-compliance with the disclosure requirements of IFRS 7/FRS 29 Financial Instruments: Disclosures.

In light of the results of the review, the document offers suggestions and recommendations for the purpose of assisting those charged with funds' and debt issuers' governance and management to improve the quality of their future fair value and risk disclosures, thereby enhancing the decision usefulness of their financial reporting to users.

This document can be accessed here.

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Authority publishes observations on selected year end financial reporting issues

Friday, 6th January, 2012: IAASA has today published observations on selected year end financial reporting issues affecting entities whose securities are listed on a regulated market and whose home Member State is Ireland.  The current economic backdrop results in ongoing risk and uncertainty in the recognition, measurement and classification of revenues, expenses, assets and liabilities in financial statements in respect of financial years ending on or after 31 December, 2011 as well as to associated risks in the context of presentation and disclosure. The importance of the role played by Boards and Audit Committees in considering and approving issuers’ periodic financial reports, as prepared on the directors’ behalf by management, is all the more important in such challenging circumstances.  Set against this backdrop the observations document has been developed with a view to providing information and assistance to issuers’ Boards and Audit Committees.

• The document can be accessed here.

IAASA has in previous years issued similar documents and these can be accessed below:

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Contact Information

Irish Auditing & Accounting
Supervisory Authority
Willow House
Millennium Park
Naas
Co Kildare
Ireland

Phone: +353 (0) 45 983 600
Fax: +353 (0) 45 983 601
Email: info@iaasa.ie