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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