Oireachtas Joint and Select Committees
Wednesday, 20 May 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source
Okay. What the regulations state, as I read them, is "In the extremely rare circumstances in which management concludes that compliance with a requirement in a standard or an interpretation would be so misleading that it would conflict with the objective of financial statements set out in the Framework, the entity shall depart from that requirement in the manner set out in paragraph 18 if the relevant regulatory framework requires, or otherwise does not prohibit, such a departure." So it is narrow, but the question is, are there some circumstances in which the strict application of IAS 39 was not required ... where there are some circumstances in which an auditor could depart from IAS 39 and seek additional provisioning and still remain within accounting standards and the regulations that underpin them?
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