Annual_Report2014

Annual Report 2014
Irish Auditing & Accounting Supervisory Authority
60
8 Finance Costs
IAASA acquired office equipment in August 2014 by way of finance lease. The period of the lease is 63
months, and total payments of €11,776 will be made in this period. At the end of the lease period, ownership
of assets (with a cash value of €9,193 in August 2014) will pass to IAASA.
The value of the financial obligation accruing to IAASA as at 31 December 2014: €
- within one year 2,242
- in two to five years 8,412
- in more than five years -
10,654
9 Exchequer Grant Debtor/PAB Levy Carry Forward
9.1 Calculation of Net Expenditure
2014 2013
€ €
Gross Expenditure per Statement of Comprehensive Income 2,015,586 1,971,099
Adjust for:
Unamortised amount of income used for capital acquisitions 2,848 (7,617)
Finance costs 450 -
Expenditure related to S. 934 Enquiries (Note 3.5.3) (55,663) -
1,963,221 1,963,482
Less:
Miscellaneous Income 1,400 2,000
Non-reserve fund interest receivable 5,085 8,215
Income from third country audit entity registration 60,920 60,450
Net Expenditure for the year 1,895,816 1,892,817
Net expenditure attributable to the Exchequer
i. Transparency Directive (100%) 229,581 273,477
ii. Excess income from Third Country Audit Entitles (Note 3.5.5) (20,920) (20,450)
iii. Obligations under the Act (40%) 674,862 655,916
Net expenditure attributable to the PABs 1,012,293 983,874
1,895,816 1,892,817
9.2 Calculation of Grant Debtor / Levy Carry Forward
Exchequer PABs TOTAL
€ € €
Balance at 1 January, 2014 (21,621) (400,126) (421,747)
Attributable net expenditure 883,523 1,012,293 1,895,816
Grants/Levies received in the year (890,539) (888,872) (1,779,411)
(Levy Carry Forward) at 31 December, 2014 (28,637) (276,705) (305,342)