Oireachtas Joint and Select Committees
Thursday, 30 March 2017
Public Accounts Committee
University of Limerick: Financial Statements 2014-2015
9:00 am
Mr. Seamus McCarthy:
It is because the exercise of control cannot be identified explicitly in relation to the university. It is not required by accounting standards to consolidate. They are two separate entities. In that situation, it is still important to note that there are significant resources which would be expected to be available for the benefit of the university at some point in the future. The idea that was suggested by the Chairman yesterday of an information memorandum being added to the financial statements would give good disclosure around the resources being raised through philanthropic donations and so on.
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