The FAI has admitted that some of its board members may not have been aware of the circumstances surrounding the €100,000 loan to the association from former chief executive John Delaney.
It has advised Sport Ireland that recent comments made by the FAI did not accurately reflect the Board's level of awareness of the existence of the loan back in 2017.
In a statement issued this afternoon, the board apologised to Sport Ireland saying that "no disrespect was meant" by the lateness and brevity of correspondence sent to it last week in relation to this loan.
In his opening statement to the Oireachtas Sports Committee on Wednesday of this week, the FAI's President Donal Conway says he accepts that more information would have assisted Sport Ireland and the committee.
The statement seen by RTÉ News also admits that the association failed to obey State funding rules.
Meanwhile, the association has offered to meet Sport Ireland with the assistance of Grant Thornton to go through relevant accounts to assure that all Government funding has been properly spent since the last Sport Ireland audit of the FAI.
The association has also confirmed that Mr Delaney will attend Wednesday's meeting of the Oireachtas committee.
Mr Conway said that all members requested to attend the meeting will do so.
There will be nine FAI attendees - Conway, Delaney, Honorary Treasurer Eddie Murray, Paraic Treanor of the Legal and Corporate Affairs Committee, interim CEO Rea Walshe, Competitions Director Fran Gavin, High Performance Director Fran Gavin, Finance Director Alex O'Connell and Communications Director Cathal Dervan.
Mr Conway said the association noted comments made by Sport Ireland and the Oireachtas committee, and said that it acknowledges their concerns.
It also said that it "recognises and shares the desires for the matters to be addressed as soon as possible".
"The Board acknowledges the misgivings raised by Sport Ireland and the Oireachtas Committee last week and is also cognisant of the concerns of the Football Family and all stakeholders," Mr Conway added.
The statement added that the FAI board is seeking to fully address all concerns in a "determined and transparent manner" and many steps are being taken to do so, as well as to establish the requisite detail for Sport Ireland and the Oireachtas committee.
Mr Conway also said he regrets that the association was not in a position to assist Sport Ireland with answers to its questions before it attended the committee last Wednesday.
Mr Conway said he is looking forward to engaging with committee members to address all issues raised.