Ryanair 2016 Annual Report Download - page 37

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37
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 (“IFRS”) as adopted by the European Union (“E.U.”) and have elected to
prepare the Company financial statements in accordance with IFRSs as adopted by the E.U. and as applied in accordance
with the provisions of the Companies Act 2014. In preparing the consolidated financial statements the directors have
also elected to comply with IFRS as issued by the International Accounting Standards Board (“IASB”).
Under company law the directors must not approve the consolidated and Company financial statements unless they
are satisfied that they give a true and fair view of the assets, liabilities and financial position of the Group and the
Company and of the Group’s profit or loss for that year.
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 IFRS as adopted by the European Union and IFRSs as issued by
the IASB, and as regards the Company, as applied in accordance with the Companies Act 2014; 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.
The directors are also required by the Transparency Directive 2004/109/EC0 Regulations 2007 and the
Transparency Rules of the Central Bank of Ireland to include a management report containing a fair review of the
business and a description of the principal risks and uncertainties facing the Group.
The Directors are responsible for keeping adequate accounting records which disclose with reasonable accuracy at
any time the assets, liabilities, financial position and profit or loss of the Company and which enable them to ensure that
the financial statements of the Company comply with the provision of the Companies Act 2014. The Directors are also
responsible for taking all reasonable steps to ensure such records are kept by its subsidiaries which enable them to ensure
that the financial statements of the Group comply with the provision of the Companies Act 2014. They are also
responsible for safeguarding the assets of the Company and the Group, and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included
on the Group and Company’s website, http://corporate.ryanair.com. Legislation in the Republic of Ireland governing the
preparation and dissemination of financial statements may differ from legislation in other jurisdictions.