The framework that underlie the preparation and presentation of financial statements

• Objective of financial statements
• Underlying assumptions (e.g. accruals, going concern)
• Understanding qualitative characteristics useful to users (e.g. reliability)
• True and fair view/fair presentation concept

An understanding of the elements of the financial statements

• Assets
• Liabilities including policyholder reserves
• Equity
• Financial position
• Performance

The various statements included in the financial statements

• Balance Sheet,
• Profit & Loss Account
• Cash Flow
• Statement of changes in financial position/equity
• Accounting policies
• Notes to the statements
• Chairman’s statement and directors’ report
• Operating and financial reviews
• Corporate governance
• Independent auditors’ report

Application of International Financial Reporting Standards (IFRSs)

• The International Accounting Standards Board
• European Union’s International Accounting Standards regulation
• IFRS legislation in Ireland
• IASB’s principles for asset and liability recognition and measurement
• The concept of ‘fair value’
• IASB’s principles for income and expense recognition
• Application of IFRS to insurance companies

Overview of first-time adoption of IFRS

• Transition process and market implications
• Accounting policies and retrospective application
• Disclosure and presentation
• Other – features of some specific standards

Review of the convergence of Irish/UK reporting standards with IFRS

Dargan Fitzgerald, Ernst & Young
Charlie Sweeney, Ernst & Young
Gillian Forrest, Ernst & Young

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