Dáil Éireann Debate, Tuesday - 30 April 2013
274. Deputy Pearse Doherty asked the Minister for Jobs, Enterprise and Innovation his views on the fact that separate accounts for Ireland are not available for many consumer multinational companies operating here. [20028/13]
View answerThe contents of the financial statements of companies are governed by relevant EU Company Law Directives and Regulations and by the applicable accounting standards.
The requirements regarding the preparation and publication of the accounts of limited companies and groups are determined by the First, Fourth and Seventh EU Company Law Directives and by the EU IFRS Regulations. These requirements are largely reflected in the Companies Act, 1963, the Companies (Amendment) Act 1986 and the European Communities (Companies: Group Accounts) Regulations 1992, as amended. The EU Eleventh Company Law Directive, implemented as the European Communities (Branch Disclosures) Regulations, 1993, addresses the requirements applicable to branches of EEA companies. Irish subsidiaries of EEA companies can submit the audited group accounts of their parent to the Registrar of Companies instead of their own individual accounts provided certain conditions are met. EEA companies that have an Irish branch are required to submit only the company accounts to the Registrar of Companies. Irish companies that are subsidiaries of EEA companies and which are themselves parent companies need not produce consolidated accounts provided certain conditions are met.
There are similar provisions for subsidiaries of non-EEA companies. In such cases the consolidated accounts of the EEA or non-EEA group must be submitted to the Registrar of Companies.
I have no plans to amend this disclosure regime in relation to specific sectors in the economy, as this would be open to accusations of discrimination and, were it to be required generally in the economy, it could have implications in terms of business costs and attracting foreign direct investment.
