Irish Auditing and Accounting Supervisory Authority rules on Irish-listed firms

The Irish Auditing and Accounting Supervisory Authority (IAASA) has ruled on five listed companies, including Irish Residential Properties, UDG Healthcare, Paddy Power, IFG, and Dragon Oil.

The watchdog was set up 12 years ago to supervise the accounts of stock market- listed companies here.

Its latest 14-page report lists the instances in which IAASA “concurred and did not concur with the financial reporting treatment” of the five companies.

On Irish REIT, the real estate trust that owns 1,500 apartments around Dublin, it said that following an examination of the debut financial accounts Irish REIT agreed to provide more disclosures in the future.

Those disclosures cover property valuations, pay for top executives, interest rate sensitivity, cash flows, and corporate governance and transparency matters.

Irish REIT directors will face further scrutiny when it publishes its 2015 accounts, it said.

Pension adviser IFG has agreed to provide details of total assets and liabilities across “each reportable segment” and other similar information in statements.

The IAASA said the accounts of UDG Healthcare raised concerns about the discount rate it applied to the amount of cash of its 11 “cash-generating units”.

It has undertaken to disclose the individual discount rates.

On Paddy Power, the IAASA said it had initial concerns about the way it treated intangible assets, involving brands and customer accounts.

But it said in the end it agreed with the accounting treatments.

The IAASA said it had also agreed that no corrective was required at Dragon Oil.

Initial concerns were raised about write-backs of company tax over-provisions.