Company Law

Dáil Éireann Debate, Thursday - 26 May 2016

Thursday, 26 May 2016

Questions (258)

Niall Collins

Question:

258. Deputy Niall Collins asked the Minister for Jobs, Enterprise and Innovation if and when she will extend the expiry date as provided under section 279(2) of the Companies Act 2014 to enable qualifying companies use the United States of America generally accepted accounting principles financial reporting standard in Ireland, given the significant number of foreign direct investment jobs provided and continued Irish competitiveness in attracting future jobs in this sector; and if she will make a statement on the matter. [12423/16]

Written answers

Minister for Jobs, Enterprise and Innovation

Section 279 of the Companies Act 2014 provides that US Generally Accepted Accounting Principles may be used by companies for a particular transitional period, subject to compliance with Irish company law and to the company meeting certain criteria. That transitional period runs to 31 December 2020.

A number of factors will need to be considered before a decision is made on any possible extension beyond 2020. Accordingly, my Department intends to carry out a public consultation on this matter in the second half of this year. If it is considered that the existing exemption period should be extended, it will be necessary to introduce this by way of primary legislation, which ultimately will be a matter for the Oireachtas.