Oireachtas Joint and Select Committees
Thursday, 31 January 2019
Public Accounts Committee
National Paediatric Hospital Development Board: Financial Statements 2017
9:00 am
Mr. Seamus McCarthy:
My understanding of the schedule presented is that, within the €1.7 billion, it is trying to capture the total costs that have been spent since the commencement of the project to construct the hospital. This money was spent and, therefore, it is proper to recognise that it was spent. The writing off is an accounting exercise where, in capitalising the value and bringing the value forward onto the balance sheet, one is discounting something that actually delivered no benefit, so one leaves that out of it. Then, the value of the assets that are put in place is brought onto the balance sheet. That is a summary.
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