Annual Report 2009(PDF) - Road Safety Authority

Road Safety Authority
STATEMENT OF ACCOUNTING POLICIES
Capital Account
The Capital Account balance represents the unamortised value of income applied for capital expenditure purposes.
Foreign Currencies
Transactions denominated in foreign currencies are converted into euro during the period at the rate on the day of the transaction
and are included in the Income and Expenditure Account for the period. Monetary assets and liabilities denominated in foreign
currencies are converted into euro at exchange rates ruling at the balance sheet date and resulting gains and losses are included
in the Income and Expenditure Account for the period.
Pensions of Transferred Staff
The Department of Transport agreed, in consultation with the Department of Finance that for a transitional period of three years
from vesting day of the Authority, staff transferred to the Authority on 1st January 2007 would retain rights of access to
departmental and interdepartmental competitions on the same basis as before and that administration staff transferred could
apply for redeployment into the civil service. Therefore, it is not considered appropriate to include the pension liabilities for these
civil servants in the Authority’s financial statements. Staff pension contributions are refundable to the Department of Transport.
As at 31 December 2009, there are 161 staff with this status.
There is a second pension scheme, the Road Safety Authority Superannuation Scheme, in operation in respect of all other staff
who joined the Authority through external competitions and by other means. As at 31 December 2009, there are 142 staff with
this status.
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