EU Directives

Tuesday, 25 February 2014

Questions (363)

Damien English

Question:

363. Deputy Damien English asked the Minister for Jobs, Enterprise and Innovation if any of the provisions contained within Directive 2013/34/EU on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings will impact on the non-filing structure being used by Irish companies to avoid filing their accounts with the Companies Registration Office; if any of the provisions contained within Directive 2013/34/EU will impact on the ability of multinational corporations here to avoid putting their financial accounts on public record; and if he will make a statement on the matter. [8894/14]

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Written answers

Minister for Jobs, Enterprise and Innovation

Directive 2013/34/EU "the Accounting Directive" applies primarily to limited liability companies, but like Directive 78/660/EEC which it supersedes, Directive 2013/34/EU may apply to unlimited companies and partnerships where the shareholders or partners are themselves limited liability companies. Without such a provision it would be possible for unlimited companies and partnerships to carry on a business or trade without having to file financial statements or accounts with the Companies Registration Office while their ultimate owners enjoyed limited liability.

I understand that the requirements of Article 1 of Directive 2013/34/EU differ from the counterpart Article (also Article 1) of Directive 78/660/EEC and that this may result in more unlimited companies and partnerships having to file financial statements with the Companies Registration Office. This Directive does not make any specific reference to multinational corporations.

Directive 2013/34/EC is required to be transposed into national law in all Member States by 20 July 2015. My Department recently issued a consultation paper as regards the Member State options contained in the Directive, none of which pertain to Article 1.