Seán Fleming (Laois, Fianna Fail) | Oireachtas source

I will not go into the detail, but I have noticed an unusual situation which I have not seen too often. It involves deferred income. I will try to put it simply because I have only had a quick look at it. I get the impression that if Enterprise Ireland gives Teagasc a grant of a couple of million to do a job, if Teagasc does the job, the income is recorded in that year. If Enterprise Ireland gives Teagasc €3 million and it lodges it in its bank account and has to do the work the following year, it holds it as deferred income. It does not come within current income and is recorded as income in the year Teagasc incurs the expenditure.