Transcript Document

1
An Overview of IAASA
Presentation to AIA Members
Westbury Hotel, Dublin
21st November, 2006
IAASA
Michael Kavanagh, Head of Financial Reporting Supervision
Eileen Townsend, Project Manager
2
Presentation Overview
• A Brief History and the 2003 Act
• IAASA Board and Key Staff
• IAASA Functions and Funding
• Supervision of the Prescribed Accountancy Bodies
• Financial Reporting Supervision
• The Future of financial reporting in Ireland
3
A Brief History
• Review Group on Auditing (2000) - Terms of reference included an
examination of
– whether self regulation of the accountancy profession was working
effectively and consistently;
– auditor independence; and
– role of the auditor in ensuring companies’ compliance with law and
regulations
• RGA recommendations included
– establishment of an Oversight body;
– Financial reporting review function; and
– requirement for Directors’ Compliance Statements.
4
The 2003 Act
• RGA’s recommendations given the force of law by the Companies
(Auditing and Accounting) Act, 2003.
• The 2003 Act deals principally with:
– the establishment of IAASA; and
– ‘Other Measures to Strengthen the Regulation of Auditors’, including:
•
•
•
•
•
statutory backing for accounting standards;
audit committees;
disclosure of accounting policies;
disclosure of auditors’ remuneration (analysed by audit, audit related and non-audit); and
Directors’ Compliance Statements.
5
IAASA Board
•
Company Ltd. by guarantee - Board comprises 15 directors, nominated thus:
– 2 (including the Chairperson) nominated by the Minister;
– 3 nominated jointly by the prescribed accountancy bodies;
– 9 nominated by the following bodies (1 each):
•
•
•
•
•
IBEC
IAIM
Pensions Board
Revenue
Law Society
ICTU
ISE
IFSRA
DCE
– Chief Executive
•
A maximum of 5 of the 15 directors may be members of prescribed
accountancy bodies.
6
IAASA- key staff
•
•
•
•
•
•
Chief Executive – Ian Drennan
Head of Financial Reporting Supervision – Michael Kavanagh
Head of Regulatory & Monitoring Supervision – Helen Hall
Secretary & Head of Legal Services – Jane Meehan
Project manager – Eileen Townsend
Project manager – Bridget Ryan
• Finance & Administration manager – Fergal O’Briain
7
Statutory Remit (S8)
1.
To supervise how the prescribed accountancy bodies regulate and
monitor their members;
2.
To promote adherence to high professional standards in the auditing
& accountancy profession;
3.
To monitor whether the accounts of certain classes of companies
and other undertakings comply with the Companies Acts and, where
applicable, Article 4 of the IAS Regulation [reference to IFRS
inserted by S.I. No. 116 of 2005]; and
4.
To act as a specialist source of advice to the Minister on auditing
and accounting matters.
- All commenced at this stage except no.3
8
Functions
•
The Authority’s principal functions include:
– Promoting adherence to the highest standards in the profession;
– Considering applications for recognition for audit purposes;
– Supervising the manner in which the accountancy bodies monitor (including work
quality) and regulate (including investigation and disciplinary functions) their
members;
– Where deemed appropriate, conducting investigations into bodies and/or members.
– Co-operating in the development of auditing and ethical standards.
– Reviewing the financial statements of certain companies and other undertakings;
– Co-operating in the development of accounting standards and practice notes.
9
Funding
Two aspects to funding –
 Day to day operation of IAASA
- 40% Exchequer
- 60% Prescribed accountancy bodies
 Reserve Fund
- 20% Exchequer
- 30% Prescribed accountancy bodies
- 50% Review constituency
10
Exchequer & Prescribed Bodies
Contribution - 2006
• Total budget – 2006: €2.297m, provided thus:
–
–
–
–
–
–
–
–
–
–
Exchequer
ICAI
ACCA
ICPAI
CIMA
IIPA
ICAEW
AIA
CIPFA
ICAS
919,000
757,000
233,000
170,000
96,000
54,000
21,000
18,000
15,000
14,000
11
Supervision of the Prescribed
Accountancy Bodies
12
Supervision of the Prescribed
Accountancy Bodies
• Principal object:
8(1)(a) - “ to supervise how the prescribed
accountancy bodies regulate and monitor their
members”
13
Supervision of the Prescribed
Accountancy Bodies
• IAASA as ‘Supervisor’ rather than
‘Regulator’
14
Supervision of the Prescribed
Accountancy Bodies
• 9 Prescribed Bodies
– 6 Recognised Bodies
• ACCA, ICAEW, ICAI, ICAS, ICPAI, IIPA
– 3 Prescribed Bodies
• AIA, CIMA, CIPFA
15
Supervision of the Prescribed
Accountancy Bodies
• Approval Function
– Grant recognition
– Attach conditions to recognition
– Approve the constitution & bye-laws,
investigation & disciplinary procedures &
standards, & also any amendments
16
Supervision of the Prescribed
Accountancy Bodies
• Supervisory Function
– supervise how each recognised body monitors its
members
– supervise the investigation & disciplinary procedures
of each prescribed accountancy body
– require explanations about the performance of
regulatory and monitoring duties
– conduct section 25 reviews of members of
recognised accountancy bodies, if deemed
appropriate
17
Supervision of the Prescribed
Accountancy Bodies
• Investigation/Enforcement Function
– conduct enquiries into compliance with
approved I&D procedures (S. 23)
– undertake investigations into possible breaches
of accountancy body standards by a member (S.
24)
– impose sanctions on a body/member
18
Supervision of the Prescribed
Accountancy Bodies
Prescribed Body Reviews
• Undertaking detailed reviews of each prescribed body
• Emphasis of reviews is on seeking to ensure adherence to
a common high standard of regulatory activity from which
the public can derive comfort
19
Supervision of the Prescribed
Accountancy Bodies
Prescribed Body Reviews (cont.)
• Findings are confidential
• Findings of reviews and complaints received will
impact on:
– The Authority’s risk assessment & selection
methodologies
– the scope and frequency of future reviews
20
Supervision of the Prescribed
Accountancy Bodies
Prescribed Body Reviews (cont.)
•
Initial reviews have 4 main areas of focus:
1. governance and its impact on the regulation
of members;
2. systems for monitoring members;
3. complaints handling, investigative,
disciplinary and appeals procedures; and
4. licensing & registration of members.
21
1. Governance and its Impact on the
Regulation of Members
• Gain an understanding of the Corporate Governance of the
body, including its:
–
–
–
–
organisational structure
link between the governing body & Committees;
Committees’ working methods & procedures;
link between the Committees and the Quality Assurance
and Secretariat functions.
• Reviews of Committees’ minutes and attendance at meetings
as observers.
22
2. System for Monitoring Members
• Examination of bodies’ procedures for monitoring members providing
audit services:
– monitoring cycles and annual plans;
– firm/practitioner risk assessment and visit selection methodologies;
– monitoring approach, scope, emphasis, review programmes and file
selection procedures;
– internal quality control procedures;
– grading criteria;
– response and follow-up to unsatisfactory monitoring visits;
23
2. System for Monitoring Members
– assessment of the resourcing of the monitoring
function, both human and financial;
– ‘shadowing’ of bodies’ inspection staff on
selected visits; and
– members’ compliance with other obligations
e.g. PII, CPD.
24
3. Complaints Handling &
Disciplinary Procedures
•
Examination of:
– complaints handling processes and procedures;
– disciplinary and appeals processes; and
– policies regarding the publication of disciplinary or
regulatory outcomes/sanctions.
•
Detailed review of selected files.
•
Assessment of resourcing of the function.
25
4. Licensing and Registration
• Gain an understanding of the procedures for:
– issuance, renewal, suspension and revocation of
licenses/authorisations
to allow members/member firms to engage in
public practice and to provide an audit service.
26
Further Developments
• The revised EU 8th Company Law Directive
– Transposition into domestic legislation by mid
2008
– All member states should establish public
oversight systems
27
Other Work Ongoing
• APB
• EGAOB
• IFIAR
28
Other Work Ongoing
• Approvals for amendments to
Constitution/Bye-laws etc.
• Complaints/Enquiries
• Annual Reports to the Authority
29
Financial Reporting Supervision
Function
Principal Functions of Financial
Reporting Supervision Unit
•
To monitor whether the accounts of certain classes of companies and other
undertakings comply with the Companies Acts and IAS Regulation
•
Co-operating in the development of accounting standards and practice notes
•
Assisting the Board to discharge its functions as an advisor to the Minister on
accounting related matters
•
Liaising with other countries’ financial reporting monitoring bodies
•
Developing policy regarding the imposition of levies on the Authority’s
financial statement supervision constituency
•
Identifying, and maintaining under review, the composition of the Authority’s
financial statement review constituency
31
Monitoring whether the financial
statements of certain companies comply
with the Companies Acts
• Section 26 of the 2003 Act
• The IAS Regulation
• The Transparency Directive
32
Compliance with the Companies
Acts and the IAS Regulation
Compliance with Companies Acts includes – prescribed formats;
– statutory disclosure requirements;
– adherence to ‘applicable accounting standards’
–primarily IASB and ASB standards
33
Section 26 of the 2003 Act
•
The financial reporting supervision constituency comprises:
– all plcs (whether listed or not);
– all subsidiary undertakings of plcs;
– all private companies limited by shares that, in both in the relevant financial year
and the immediately preceding financial year, satisfy the following criteria:
• balance sheet total exceeds €25m; and
• turnover exceeds €50m.
– all private companies limited by shares which, when aggregated with their
subsidiary undertakings, exceed the aforementioned thresholds;
– all subsidiary undertakings of the preceding class of private companies; and
– certain other undertakings, and where applicable their subsidiary undertakings, that
satisfy the aforementioned criteria, including unlimited companies and partnerships
whose members having unlimited liability are themselves limited companies.
34
Relevant Exemptions
• Act provides potential exemptions for:
• certain entities already subject to, what in the Minister’s opinion, is
an appropriate level of supervision/regulation
- might, for example, include Part XIII companies and UCITS
• S110 TCA ’97 entities (securitisation vehicles).
35
IAS Regulation
• Given effect to in Ireland by SI 116 of 2005;
• Requires EU Member States to take appropriate measures
to ensure compliance with IFRS (applies to listed entities –
consolidated a/c’s only);
• Recital no.16 of the Regulation “A proper and rigorous enforcement regime is key to underpinning investors'
confidence in financial markets. Member States, by virtue of Article 10 of the
Treaty, are required to take appropriate measures to ensure compliance with
international accounting standards. The Commission intends to liase with
Member States, notably through the Committee of European Securities
Regulators (CESR), to develop a common approach to enforcement.”
36
Transparency Directive
• Article 24(4)(h) of the Transparency Directive
(“TD”):
- “..to examine that information referred to in this
Directive is drawn up in accordance with the relevant
reporting framework and take appropriate measures in
case of discovered infringements.”
• Directive deals with Interim Financial Statements (which
are not within the scope of Section 26).
37
Methodology for selection of
entity for review
• S26/ IAS Regulation/ Transparency Directive suggests a
proactive rather than reactive approach to monitoring
• Methodology for risk assessment and selection of entities
financial statements for review has been developed
• Mixed model approach proposed
38
Methodology for selection of entity
for review
• Criteria for selection will include
– Risk of material misstatement in the financial
statements
– Potential impact on users of financial statements in the
event of material misstatement
– Supplemented with random selection of F/S for review
– Complaint from public may also trigger a review
39
Methodology for selection of entity
for review
• Risk of material misstatement in the financial statements –
factors include:
- financial structure and business trends,
- financial position and ratios,
- industry specific issues,
- corporate governance issues and internal control environment,
- related party transactions,
- incidence of business combinations and disposals,
- audit qualifications and related issues,
- administrative, court and regulatory actions,
- third party signals (e.g. complaints received by the Authority, press
reportage etc.)
40
Methodology for selection of entity
for review
• Potential impact on users …… users include:
- present and potential investors;
- shareholders;
- employees;
- lenders;
- suppliers and other trade creditors;
- customers;
- the Revenue Commissioners;
- regulatory authorities;
- the general public
41
Methodology for selection of entity
for review
• Potential impact on users – factors include:
- Number, and nature of, retail investors
- Size of undertaking (including number of employees),
- Public profile,
- Industry profile,
- Whether the shares or other securities of the undertaking are traded
on a public stock exchange. For those undertakings that have
securities traded on a public stock exchange the following will be
considered –
–
–
–
Share trading activity and volatility in stock price,
Market capitalisation,
Number of investors,
Nature of security traded
42
S26 enforcement regime
• In circumstances where there is, or may be, an issue regarding a set of
financial statements’ compliance with the Companies Acts or the IAS
Regulation, and those financial statements have been:
– disseminated to members in advance of the AGM; or
– laid before the AGM; or
– delivered to the Registrar
the Authority may give notice to the directors of the entity concerned.
43
S26 enforcement regime
• The aforementioned notice must specify:
– the matters in respect of which it appears to the Authority that a
question of non-compliance arises; and
– a period of not less than 30 days in which the directors are required
to furnish the Authority with an explanation of the financial
statements or prepare revised financial statements.
44
S26 enforcement regime
• In the event that, at the end of the specified period, the directors have
neither, in the Authority’s opinion:
– given a satisfactory explanation
– nor revised the financial statements,
• the Authority may apply to the High Court for a declaration of noncompliance and associated orders.
45
S26 enforcement regime
• If, having considered the matter, the High Court is satisfied that an
instance of non-compliance exists, the Court may make a declaration
to that effect and may order the following:
– the revision of the financial statements and/or directors’ report;
– the re-audit of the financial statements;
– that the directors take specified steps to bring the Court order to the notice
of persons likely to rely on the financial statements;
– that the Authority’s, and reporting entity’s, costs be awarded against the
directors (in that context, every person who was a director at the time the
financial statements were approved is considered to have been a party to
that approval unless s/he can show that they took all reasonable steps to
prevent approval (section 26(9)).
46
S26 enforcement regime
• In the event of an application being made to the High Court, the
Authority is required to furnish the CRO with:
– notice of the application; and
– a general statement of the matters at issue.
• On the conclusion of proceedings, the Authority is required to furnish
the CRO with:
– a copy of the Court Order; or
– notice that the application has failed or has been withdrawn.
47
Liaising with other countries’ financial
reporting monitoring bodies
• IAASA an active participant in EECS (European Enforcement Coordination Sessions) – sub committee of CESR – monthly meetings
• EECS – Forum for discussing and co-ordinating “enforcement”
decisions in EU/EEA
• A database of IFRS enforcement decisions in the EU/EEA has been
established – not precedents but likely to be persuasive reference point
• Has been Irish EECS case which was brought to EU Roundtable on
Consistent Application of IFRS
• CESR/EECS liasing with IASB and SEC on various matters of mutual
interest
• EECS - very important part of SEC and EU “road map”
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Other financial reporting functions
• Assisting the Board to discharge its functions as an advisor
to the Minister on accounting related matters
- Advice on various matters as have arisen
- Member of CLRG and advice on part A6 of forthcoming
Consolidation Bill dealing with accounting and auditing
• Co-operating in the development of accounting standards
and practice notes
- Irish Observer at ASB Board – twice monthly meetings
- Liaison with IASB
49
The Future of Financial
Reporting in Ireland
50
Re-cap on current accounting
regimes operating in Ireland
• Irish GAAP
• International Financial Reporting Standards
• Alternative Bodies of Accounting Standards
51
European Communities (International Financial
Reporting Standards and Miscellaneous
Amendments) Regulations, 2005
• Mandatory IFRS financial statements for
– All consolidated group accounts for entities with securities listed
on an EU regulated market for years beginning 1/1/05
– Group accounts of debt listed entities deferred until years
beginning 1/1/07
52
European Communities (International Financial
Reporting Standards and Miscellaneous
Amendments) Regulations, 2005
• Choice for all other companies to prepare individual or
group accounts as
– ‘Companies Act’ accounts
or
– IFRS accounts
• One way choice, unless relevant change of circumstances
53
European Communities (International Financial
Reporting Standards and Miscellaneous
Amendments) Regulations, 2005
• Companies Act accounts are accounts prepared in
accordance with the accounting rules of company law and
Irish GAAP i.e. as issued by the UK Accounting Standards
Board (ASB)
• IFRS accounts are accounts prepared in accordance with
IFRS* as issued by the IASB and include some mandatory
disclosures from the Companies Acts
*As endorsed by the EU
54
Investment Funds, Companies and Miscellaneous
Provisions Act, 2005.
• Investment companies, as defined by Part XIII of the
Companies Act, 1990 allowed to use Alternative Bodies of
Accounting Standards (ABAS)
• ABAS = US, Japanese and Canadian GAAP
55
Main players involved in
determining the future of financial
reporting in Ireland
Main players involved in financial reporting in Ireland
IAASA
ASB
IASB
EU
Financial
reporting
SEC
DETE
CESR
57
International Accounting Standards
Board (IASB)
• The accounting standards produced by the IASB
(previously the IASC) are:
– International Financial Reporting Standards (IFRS) (7)
– International Accounting Standards (30)
– Interpretations of these - IFRIC (10) and SIC (11)
58
Accounting Standards Board
• The accounting standards produced by the UK
ASB (previously the ASC) include :
– Financial Reporting Standards (FRS) (29)
– SSAP (of ASC) (7 active)
– Interpretations of these - UITF Abstracts (23)
59
Financial Reporting Review Unit
of IAASA
• Principal functions include –
- Monitoring whether the accounts of certain classes of companies and
other undertakings comply with the Companies Acts;
-
Co-operating in the development of accounting standards and practice
notes;
-
Assisting the Board of IAASA to discharge its functions as advisor to
the Minister on accounting and related matters;
-
Liaising with other countries’ financial reporting monitoring bodies
and developing contacts with those bodies.
60
Department of Enterprise Trade and
Employment (DETE)
and
the European Union (EU)
Various laws relating to accounting standards
including prescribing which accounting standards
should be used by the different categories of
companies, the format of those accounts, and other
accounting related EU regulations that are
transposed into Irish law by the DETE.
61
The regulators – CESR and SEC
• Primarily regulators of capital markets and
therefore impact on financial reporting.
62
Influence of IFRS on UK/Irish
GAAP
Main differences between IFRS and
UK/Irish GAAP
•
Has been recent convergence to IFRS by ASB in some areas, notably –
– Financial instruments
– Share-based payments
– Foreign currency
•
Sample of differences outstanding
– Layout of P/L + B/S
– Business combinations
– Deferred tax
– Investment properties
– Agriculture
– Pension Obligations
– Cash flow statement mandatory
– ……………………. and many more
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Other financial reporting functions
• Assisting the Board to discharge its functions as an advisor
to the Minister on accounting related matters
- Advice on various matters as have arisen
- Member of CLRG and advice on part A6 of forthcoming
Consolidation Bill dealing with accounting and auditing
• Co-operating in the development of accounting standards
and practice notes
- Irish Observer at ASB Board – twice monthly meetings
- Liaison with IASB
65
What future for UK/Irish GAAP?
• As the world moves towards global
accounting standards - What is the future
role for ASB in setting accounting
standards?
66
The Accounting Standards Board
(ASB)
• ASB is an operating body of the UK Financial Reporting
Council (FRC).
• In Ireland, ASB standards are “promulgated” by the ICAI.
• Section 41 of the 2003 Companies Act – “accounting
standards ……. issued by any body or bodies prescribed
by regulation”. Not yet commenced.
• Accounting standards responsibilities impacted by move to
International Financial Reporting Standards (IFRS).
• ASB has consulted on its future role in 2004,2005 and
2006.
67
Future role for ASB- UITFs
• ASB acknowledges that national interpretations of
accounting standards should be rare.
• ASB has stated that the International Financial Reporting
Interpretations Committee (IFRIC) is the appropriate body
to interpret IFRS.
• Role of Urgent Issues Task Force (UITF) under review.
68
Future role for ASB – FRSs/SSAPs
• ASB sees its role as primarily trying to
– influencing future direction of IASB standards
= influencing EU policy on accounting standards, including
the endorsement of IFRS
• Future role in national standard setting might include
issuing standards in relation to
– Entity specific issues: for example, smaller entities
– Sector specific issues: for example, use of Statements of
Recommended Practice (SORPs) and
– Improving communication between companies and investors:
narrative reporting and the Operating and Financial Review (OFR).
69
ASB convergence policy with IFRS
• ASB policy: no case for maintaining differences between
the principles underlying Irish/UK GAAP and IFRS.
• Consulted on convergence strategy in 2004: responses
indicated support for phased approach.
• Responses to consultation on role in 2005 highlighted
change of view:
– Phased approach complicated/difficult to implement
– Complicated IFRS may not be suitable for many companies
– Await the outcome of the IASB SME project.
• ASB now proposing to move to ‘big bang’ convergence
from 2009
70
ASB convergence – current proposals
• ASB issued tentative proposals in May
2006 for public comment –
1. All publicly quoted and other publicly accountable
companies would be required to apply full IFRS.
2. Use of the Financial Reporting Standard for Smaller
Entities (FRSSE) extended to include medium-sized
entities.
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ASB convergence – current proposals
3.
Subsidiaries of group companies that apply full IFRS
would also be required to apply full IFRS for
measurement and recognition, but with reduced
disclosure requirements (yet to be determined).
4.
No decision yet on companies that do not fall in 1, 2 or
3. Alternatives seem to be:
(i)
(ii)
(iii)
(iv)
extend FRSSE application further,
apply IFRS to more companies,
maintain Irish/UK GAAP for them, or
some combination of (i), (ii) and (iii).
72
Issues: what is public accountability?
• IASB definition:
“An entity has public accountability if:
(a) there is a high degree of outside interest in the entity from nonmanagement investors or other stakeholders, and those
stakeholders depend primarily on external financial reporting as
their means of obtaining financial information about the entity; or
(b)
the entity has an essential public service responsibility
because of the nature of its operations.”
• How to put this definition into operation still to be
determined.
73
Issues: FRSSE or IASB SME standard?
• Is it appropriate to apply the FRSSE to mediumsized and possibly even larger companies?
• Final decisions will be made when the outcome of
the IASB SME project is clearer.
• Possibility the EU will also get involved in an
SME project?
74
Current hot topics for future
changes in financial reporting
What direction are accounting
standards going in?
• ASB convergence with IASB standards
• IASB formal agreements with US FASB and Japan.
• Convergence roadmap between IFRS and US GAAP –
2008.
• The potential impact of China… and other emerging
economies.
76
Current hot topics for future
changes in financial reporting
• Financial Statement presentation
• Fair value measurement
• Business combinations
• Revenue recognition
• Conceptual framework
…..…………. and many more
77
Financial Statement presentation
• Current proposals are for 3 primary “financial statements” Statement of Financial
Position
Statement of Earnings
and Comprehensive
Income
Statement of Cash Flows
Business
Operating Assets and Liabilities
Treasury Assets
Business
Operating Income
Treasury Income
Business
Operating Cash Flows
Treasury Cash Flows
Financing
Equity
Financing Liabilities
Financing Expenses
Financing Cash Flows
Equity
Non-equity
78
Financial Statement presentation
• Each set of accounts will consist of
- 3 statements of financial position,
- 2 statements of earnings and comprehensive
income/recognised income and expense,
- 2 statements of changes in equity, and
- 2 statements of cash flows.
79
Fair value measurement
• The objective of IASB/FASB joint project is to:
– Define fair value,
– Establish a framework for measuring fair value
– Enhance disclosures about fair value, and
– Codify existing fair value measurement guidance
• Canadian DP – “Measurement on initial
recognition”
• FASB is nearing completion of its project on fair
value measurements
80
Business combinations
• Joint IASB/FASB ED issued 30 June 2005 proposing major changes to
acquisition accounting. For example e.g.
• If acquirer purchases less than 100 % recognise assets and liabilities at
the full amount of their fair values and goodwill as the difference
between the fair value of the acquiree, as a whole, and the fair value of
assets acquired and liabilities assumed.
• the acquirer to account for acquisition-related costs incurred in
connection with the business combination separately from the business
combination (generally as expenses).
81
Revenue recognition
Objectives are to –
• Eliminate weaknesses in existing concepts and standards.
- Focus on changes in assets and liabilities
- Insufficient guidance on multiple-element revenue arrangements
- Deal more comprehensively with recognition criteria for various
other types of transactions
• Converge IFRSs and US requirements – approx 200 sources of
standards and guidance on revenue recognition in US GAAP.
82
Conceptual framework
• IASB and FASB joint agenda project to develop a common
conceptual framework.
• Multi-phase project over a number of years: converged
framework – 2010?
• More than an academic exercise. Will have major impact
on way in which the IASB/FASB will develop and revise
standards.
• First discussion paper issued July 2006
83
Questions?
84
Contacts & Further Information
IAASA,
2nd Floor, Willow House,
Millennium Park,
Naas,
Co. Kildare.
Tel: +353 (0)45 983600 Fax: +353 (0)45 983601
Email: [email protected]
Web: www.iaasa.ie / www.iaasa.eu
85