Financial Statements

‌‌‌‌‌University College Cork prepares annual financial statements, incorporating consolidated financial statements, a H.E.A. Funding Statement and a reconciliation between both statements.

The consolidated financial statements are prepared in accordance with GAAP (Generally Accepted Accounting Standards) and reflect all university transactions within the financial year.  The H.E.A. Funding Statement is prepared on a harmonised basis approved by the H.E.A. and adopted by all Irish universities.

The consolidated accounts are audited by Deloitte external auditors to the University College Cork.  The financial statements are also audited on an annual basis by the Comptroller and Auditor General.

The accounting policies used in preparting the HEA Funding Statement Financial Statements are the accounting policies adopted by the seven Irish Univesities.  These accounting policies are significantly different from the accounting policies adopted under GAAP.  The key differences between both formats are set out in a separate document below.

 

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