Thursday 29 June 2017

Plcs rapped by accounting watchdog

Owen Killian, chief executive of Aryzta Picture: Patrick Bolger
Owen Killian, chief executive of Aryzta Picture: Patrick Bolger
Gavin McLoughlin

Gavin McLoughlin

Aryzta, Cairn Homes and Permanent TSB have each been rapped by an accounting watchdog for separate errors.

The Irish Auditing & Accounting Supervisory Authority (IAASA) - responsible for monitoring certain listed companies' compliance with regulations - said Aryzta's stake in French frozen-food retailer Picard should have been treated as a joint venture rather than an associate in interim financial statements. Contrary to Aryzta's arguments, IAASA found the Swiss-Irish food giant headed by Owen Killian was in joint control of Picard with Lion Capital.

IAASA said Cairn hadn't fully complied with requirements about disclosing financial risks, in relation to a loan portfolio it had acquired.

It said Permanent TSB hadn't properly corrected a material error in how it compared financial liabilities year-on-year in its 2014 annual reports.

It also said the bank had to make additional disclosures in its accounts as to how it would recover €420m of deferred tax assets over a 26-year period, so as to enable readers of the accounts to understand the assumptions behind the planned recovery.

Sunday Indo Business

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