An Overview of IAASA

1
(No Transcript)
2
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

3
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

4
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.

5
The 2003 Act

• RGAs 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.

6
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 ICTU
• IAIM ISE
• Pensions Board IFSRA
• Revenue DCE
• Law Society
• Chief Executive
• A maximum of 5 of the 15 directors may be members
  of prescribed accountancy bodies.

7
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 OBriain

8
Statutory Remit (S8)

• To supervise how the prescribed accountancy
  bodies regulate and monitor their members
• To promote adherence to high professional
  standards in the auditing accountancy
  profession
• 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
• To act as a specialist source of advice to the
  Minister on auditing and accounting matters.
• - All commenced at this stage except no.3

9
Functions

• The Authoritys 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.

10
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

11
Exchequer Prescribed Bodies Contribution - 2006

• Total budget 2006 2.297m, provided thus
• Exchequer 919,000
• ICAI 757,000
• ACCA 233,000
• ICPAI 170,000
• CIMA 96,000
• IIPA 54,000
• ICAEW 21,000
• AIA 18,000
• CIPFA 15,000
• ICAS 14,000

12

• Supervision of the Prescribed Accountancy Bodies

13
Supervision of the Prescribed Accountancy Bodies

• Principal object
• 8(1)(a) - to supervise how the prescribed
  accountancy bodies regulate and monitor their
  members

14
Supervision of the Prescribed Accountancy Bodies

• IAASA as Supervisor rather than Regulator

15
Supervision of the Prescribed Accountancy Bodies

• 9 Prescribed Bodies
• 6 Recognised Bodies
• ACCA, ICAEW, ICAI, ICAS, ICPAI, IIPA
• 3 Prescribed Bodies
• AIA, CIMA, CIPFA

16
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

17
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

18
Supervision of the Prescribed Accountancy Bodies

• Investigation/Enforcement Function
• conduct enquiries into compliance with approved
  ID procedures (S. 23)
• undertake investigations into possible breaches
  of accountancy body standards by a member (S. 24)
• impose sanctions on a body/member

19
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

20
Supervision of the Prescribed Accountancy Bodies

• Prescribed Body Reviews (cont.)
• Findings are confidential
• Findings of reviews and complaints received will
  impact on
• The Authoritys risk assessment selection
  methodologies
• the scope and frequency of future reviews

21
Supervision of the Prescribed Accountancy Bodies

• Prescribed Body Reviews (cont.)
• Initial reviews have 4 main areas of focus
• governance and its impact on the regulation of
  members
• systems for monitoring members
• complaints handling, investigative, disciplinary
  and appeals procedures and
• licensing registration of members.

22
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.

23
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

24
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.

25
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.

26
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.

27
Further Developments

• The revised EU 8th Company Law Directive
• Transposition into domestic legislation by mid
  2008
• All member states should establish public
  oversight systems

28
Other Work Ongoing

• APB
• EGAOB
• IFIAR

29
Other Work Ongoing

• Approvals for amendments to Constitution/Bye-laws
  etc.
• Complaints/Enquiries
• Annual Reports to the Authority

30
Financial Reporting Supervision Function
31
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 Authoritys financial statement
  supervision constituency
• Identifying, and maintaining under review, the
  composition of the Authoritys financial
  statement review constituency

32
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

33
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

34
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.

35
Relevant Exemptions

• Act provides potential exemptions for
• certain entities already subject to, what in the
  Ministers opinion, is an appropriate level of
  supervision/regulation
• - might, for example, include Part XIII
  companies and UCITS
• S110 TCA 97 entities (securitisation vehicles).

36
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/cs 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.

37
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).

38
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

39
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

40
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.)

41
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

42
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

43
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.

44
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.

45
S26 enforcement regime

• In the event that, at the end of the specified
  period, the directors have neither, in the
  Authoritys opinion
• given a satisfactory explanation
• nor revised the financial statements,
• the Authority may apply to the High Court for a
  declaration of non-compliance and associated
  orders.

46
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 Authoritys, and reporting entitys,
  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)).

47
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.

48
Liaising with other countries financial
reporting monitoring bodies

• IAASA an active participant in EECS (European
  Enforcement Co-ordination 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

49
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

50

• The Future of Financial Reporting in Ireland

51
Re-cap on current accounting regimes operating in
Ireland

• Irish GAAP
• International Financial Reporting Standards
• Alternative Bodies of Accounting Standards

52
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

53
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

54
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

55
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

56
Main players involved in determining the future
of financial reporting in Ireland
57
Main players involved in financial reporting in
Ireland
IAASA
ASB
IASB

EU
Financial reporting
SEC
DETE
CESR
58
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)

59
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)

60
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.

61
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.

62
The regulators CESR and SEC

• Primarily regulators of capital markets and
  therefore impact on financial reporting.

63
Influence of IFRS on UK/Irish GAAP
64
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

65
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

66
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?

67
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.

68
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.

69
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).

70
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

71
ASB convergence current proposals

• ASB issued tentative proposals in May 2006 for
  public comment
• All publicly quoted and other publicly
  accountable companies would be required to apply
  full IFRS.
• Use of the Financial Reporting Standard for
  Smaller Entities (FRSSE) extended to include
  medium-sized entities.

72
ASB convergence current proposals

• 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).
• No decision yet on companies that do not fall in
  1, 2 or 3. Alternatives seem to be
• extend FRSSE application further,
• apply IFRS to more companies,
• maintain Irish/UK GAAP for them, or
• some combination of (i), (ii) and (iii).

73
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 non- management 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.

74
Issues FRSSE or IASB SME standard?

• Is it appropriate to apply the FRSSE to
  medium-sized 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?

75
Current hot topics for future changes in
financial reporting
76
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.

77
Current hot topics for future changes in
financial reporting

• Financial Statement presentation
• Fair value measurement
• Business combinations
• Revenue recognition
• Conceptual framework
• ... and many more

78
Financial Statement presentation

• Current proposals are for 3 primary financial
  statements -

Statement of FinancialPosition 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
79
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.

80
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

81
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).

82
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.

83
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

84

• Questions?

85
Contacts Further Information

• IAASA,
• 2nd Floor, Willow House,
• Millennium Park,
• Naas,
• Co. Kildare.
• Tel [phone] Fax 353 (0)45
  983601
• Email info_at_iaasa.ie
• Web www.iaasa.ie / www.iaasa.eu