Oireachtas Joint and Select Committees
Wednesday, 13 May 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source
I suppose the point I'm getting at Mr. Fitzpatrick is that, okay, you were somewhat constrained by IAS 39 and I understand the financial statements are the preserve of the directors and you're performing the statutory audit. But if you had concerns about events that might transpire, there may be a collapse in asset values, but you were constrained from providing for that in the financial statements, or advising the directors to provide for that in the financial statements because of that accounting standard, what other facility did you have to convey that information or convey your concerns and ensure the directors conveyed those concerns to the readers of the financial statements? Could you, for example, have insisted upon a note to the financial statements along those lines?
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