Resolutions on investee management inappropriately disclosed as post balance sheet event
Irish airline Ryanair uses its post balance sheet events note inappropriately to disclose resolutions proposed at an investee’s AGM to reduce the remuneration of directors, in a year that has seen €223 million impairment of the investment by Ryanair, leading it to a loss for the year.
Two restatements described as reclassifications
Irish airline Ryanair restates by significant amounts a summary of senior executive pay and its capital redemption reserve, inaccurately describing both changes as “reclassifications”.
Actual impairment flies beyond the reasonably possible
Irish airline Ryanair recognises €91.6 million impairment of its investment in Aer Lingus, reducing pre-tax profit by 17.3%, and discloses a post balance sheet impairment three times greater than the €31 million in its sensitivity analysis.
Change of segmental disclosures reveals prior year conflict with IFRS
Irish financial service company Bank of Ireland separately discloses segmental interest income and expense that highlights a previous conflict with IFRS.
25.2% investment in Aer Lingus classified as available-for-sale Irish low-cost airline Ryanair purchases a 25.2% interest in Aer Lingus and classifies it as an available-for-sale financial asset rather than as an associate, but without explaining why it does not have significant influence.