2017 Financial Reporting 

Matters to consider 

We discuss the principal issues arising in respect of 31 December 2017 annual reports, being primarily:

  • Observations raised by the Irish Auditing and Accounting Supervisory Authority (IAASA) in their Observations on selected Financial Reporting Issues document for years ending on or after 31 December 2017
  • The European Securities and Markets Authority’s (ESMA’s) common enforcement priorities.
  • IAASA’s 2017 published surveys including the use of Alternative Performance Measures (APMs) by Irish listed companies
  • Issues arising from the current economic environment and developments in reporting standards.

As in previous years, the IAASA observations document provides an assessment of Irish reporting based on examinations of annual and half-yearly financial reports of certain equity, debt and closed-ended fund issuers with securities admitted to trading on an EU regulated market. There is some cross over with the Financial Reporting Council (FRC) in the UK in their Annual Review of Corporate Reporting 2016/2017 (‘the FRC Annual Review’). 

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