1. Basis of Accounting

Below we set out the full list of our accounting policies. The accounting policies have been applied consistently in dealing with items that are considered material in relation to the Group and RTÉ financial statements except for the new standards and amendments to standards outlined below.

(a) Reporting entity

RTÉ is a statutory corporation established under the Broadcasting Authority Act, 1960 and is domiciled in Ireland. The consolidated financial statements of RTÉ as at and for the year ended 31 December 2022 comprise the statutory corporation and all entities controlled by it (together referred to as the “Group”).

(b) Statement of compliance

The RTÉ and Group financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union (EU) that are effective for the year ended 31 December 2022 and are applied in accordance with the provisions of broadcasting legislation. The Group has also elected to present both its consolidated and RTÉ parent entity financial statements in accordance with the provisions of the Companies Act 2014 in so far as it provides additional information. Accordingly, RTÉ’s parent Statement of Financial Position, Cash Flow Statement and Statement of Changes in Equity have also been presented with the consolidated financial statements as would ordinarily be required by the Companies Act 2014. RTÉ’s Group Income Statement has been adapted as permitted by Companies Act 2014, Schedule 3 Part II, Section A4(5).

(c) Basis of preparation

The RTÉ and Group financial statements have been prepared on the historical cost basis as modified by the measurement at fair value of derivative financial instruments and retirement benefit obligations.

The Group financial statements are prepared in euro, rounded to the nearest thousand (€000), which is the functional currency of all the Group entities.

The preparation of financial statements in conformity with IFRSs requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. The key areas involving significant judgement or complexity or areas where assumptions and estimates are significant to the Group’s financial statements relate primarily to the valuation of the defined benefit pension scheme and financial instruments and are documented in the relevant accounting policies and in the related notes.

(d) Adoption of new and revised standards

During the year, the Group adopted a number of amendments to IFRS standards and interpretations issued by the IASB that are effective for an annual period that begins on or after 1 January 2022. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements.

(e) Standards in issue but not yet effective

A number of new standards, amendments to standards and interpretations are not yet effective and therefore have not been applied in preparing these financial statements. The Group does not plan to adopt these standards early; instead it will apply them from their effective dates as determined by their dates of EU endorsement. These include:

IFRS 17 Insurance Contracts	Effective date 1 Jan 2023
Amendments to IFRS 17	Effective date 1 Jan 2023
Amendments to IFRS 17 Initial Application of IFRS 17 and IFRS 9 – Comparative Information	Effective date 1 Jan 2023
Amendments to IAS 1 and IFRS Practice Statement 2 Disclosure of Accounting Policies	Effective date 1 Jan 2023
Amendments to IAS 1 Classification of Liabilities as Current or Non-current	Effective date 1 Jan 2023
Amendments to IAS 1 Non-current Liabilities with Covenants	Effective date 1 Jan 2024
Amendment to IFRS 16 Lease Liability in a Sale and Leaseback	Effective date to be confirmed by IASB
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture	Postponed
Amendments to IFRS 4 Extension of the temporary Exemption from applying IFRS 9.	Effective date 1 Jan 2023
Amendments to IAS 1 Classification of Liabilities as Current or Non-current – Deferral of Effective Date	Effective 1 Jan 2023
Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction	Effective 1 Jan 2023
IAS 8 Definition of accounting estimates	Effective 1 Jan 2023
Amendments to IFRS 16 Lease Liability in a Sale and Leaseback	Effective 1 Jan 2024

The directors do not expect that the adoption of the standards listed above will have a material impact on the financial statements of the Group in future periods.