Important year for accountants

THE Institute of Chartered Accountants in Ireland (ICAI) has described 2006 as an important year in the development of the accounting profession in Ireland.

President John Greely cited the establishment of the Irish Auditing and Accounting Supervisory Authority (IAASA), the first full year of reporting by Irish listeds using IFRS, the first year in which International Standards on Auditing (ISAs) will be applied and the expected publication of the new consolidated companies bill as among the important issues that accountants will be dealing with in 2006.

IAASA will oversee the regulation of the accountancy profession by the professional bodies and ICAI has been party to much of the preparatory work involved.

One of the powers conferred on the authority is the ability to review the financial statements of Irish companies.