Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

I will just bring in Senator D'Arcy before we go to the break. I just want to tidy up one matter in IAS 39. In earlier testimony that we had, in the Context Phase of this and in other documentation, one of the critiques or challenges that arises from that was the supposed backward looking nature of IAS 39 in that it required evidence of a loss before the loss is actually written down, that the process meant that the auditor is very much looking at the nature of the bank in this current situation and, I suppose to use an analogy, that the auditing process is looking in the rear view mirror of the car instead of the road ahead. Would you agree with that sentiment?