Ryanair 2011 Annual Report Download - page 29

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27
Statement of Directors’ Responsibilities in respect of the Annual Report and the Financial
Statements
The directors are responsible for preparing the Annual Report and the consolidated and Company
financial statements, in accordance with applicable law and regulations.
Company law requires the directors to prepare consolidated and Company financial statements for each
financial year. Under that law, the directors are required to prepare the consolidated financial statements in
accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union (EU)
and have elected to prepare the Company financial statements in accordance with IFRSs as adopted by the EU
and as applied in accordance with the provisions of the Companies Acts, 1963 to 2009. In preparing the
consolidated financial statements the directors have also elected to comply with IFRSs as issued by the
International Accounting Standards Board (IASB).
The consolidated and Company financial statements are required by law and IFRSs as adopted by the
EU, to present fairly the financial position of the Group and the Company and the performance of the Group.
The Companies Acts, 1963 to 2009 provide in relation to such financial statements that references in the
relevant part of these Acts to financial statements giving a true and fair view are references to their achieving a
fair presentation.
In preparing each of the consolidated and Company financial statements, the directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable and prudent;
• state that the financial statements comply with IFRSs as adopted by the EU as applied in
accordance with the Companies Acts, 1963 to 2009 and IFRSs as issued by the IASB; and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume
that the Group and the Company will continue in business.
Under applicable law and the requirements of the Listing Rules issued by the Irish Stock Exchange, the
directors are also responsible for preparing a Directors’ Report and reports relating to directors’ remuneration
and corporate governance that comply with that law and those Rules. In particular, in accordance with the
Transparency (Directive 2004/109/EC) Regulations 2007 (the Transparency Regulations), the directors are
required to include in their report a fair review of the business and a description of the principal risks and
uncertainties facing the Group and Company and a responsibility statement relating to those and other matters,
included below.
The directors are responsible for keeping proper books of account that disclose with reasonable accuracy
at any time the financial position of the Group and Company and enable them to ensure that its financial
statements comply with the Companies Acts, 1963 to 2009 and, as regards the consolidated financial
statements, Article 4 of the IAS Regulation. They are also responsible for taking such steps as are reasonably
open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.
The directors are responsible for the maintenance of integrity of the corporate and financial information
included on the Company’s website. Legislation in the Republic of Ireland governing the preparation and
dissemination of financial statements may differ from legislation in other jurisdictions.