Oireachtas Joint and Select Committees
Thursday, 9 October 2014
Public Accounts Committee
2013 Annual Accounts of Shannon Free Airport Development Company
12:45 pm
Mr. David McGarry:
It is a technical accounting issue. We take the impairment, but the revaluation goes through what is called the revaluation reserve on the balance sheet of the company, not through the profit and loss accounts. We are not suddenly creating a false profit. We revalued the assets, which is recognised through the reserve. It is not a case of creating profit in the sense in which that is usually understood.
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