Annual_Report2014

47 2014 Financial and Related Statements
Statement of Directors’ Responsibilities
IAASA performs its functions and exercises its
powers through a company limited by guarantee,
designated for that purpose by the Minister for
Trade & Commerce.
Company law requires the directors to prepare
financial statements and the report of the directors
for each financial year which give a true and fair
view of the state of affairs of the company and of
its surplus or deficit for that period. In preparing
those financial statements, the directors are
required to:
• select suitable accounting policies in
accordance with Irish generally accepted
accounting practices and then apply them
consistently;
• make judgments and estimates that are
reasonable and prudent;
The directors are responsible for keeping proper
books of account, which disclose with reasonable
accuracy at any time the financial position of
IAASA and to enable them to ensure that the
financial statements comply with the 2014 Act. The
directors are also responsible for safeguarding the
assets of IAASA and hence for taking reasonable
steps for the prevention and detection of fraud
and other irregularities.
Section 927(1) of the 2014 Act further provides
that IAASA ‘… shall keep records of, and prepare
all proper and usual accounts of –
(a) all income received by it, including records of
the sources of that income,
(b) all expenditure incurred by it, and
(c) its assets and liabilities’.
• prepare the financial statements on a going
concern basis unless it is inappropriate
to presume that IAASA will continue in
operation; and
• disclose and explain any material departures
from applicable Accounting Standards.
Approved and authorised for issue by the Board of Directors on and signed on its behalf:
Brendan Walsh
Chairperson
Helen Hall
Chief Executive
15 June 2015