Dáil Éireann Debate, Tuesday - 17 January 2017
1637. Deputy Maurice Quinlivan asked the Minister for Jobs, Enterprise and Innovation the legislation she plans to bring forward to deal with the issue of accounting convergence in relation to international Irish companies listed on the US stock exchange; and if she will make a statement on the matter. [41644/16]
View answer1638. Deputy Maurice Quinlivan asked the Minister for Jobs, Enterprise and Innovation her plans to amend the Companies Act 2014 or to use statutory audit legislation to deal with the issue of accounting convergence in relation to international Irish companies; when she expects the legislation to come before the Houses of the Oireachtas; and if she will make a statement on the matter. [41645/16]
View answerI propose to take Questions Nos. 1637 and 1638 together.
Section 279 of the Companies Act 2014 provides that in limited cases for a particular transitional period, US Accounting Standards may be used by certain companies. This is conditional on compliance with Irish company law and is subject to the company meeting a number of qualifying criteria. Section 279 is due to expire on 31 December 2020.
In light of the approach of that deadline, the Government is considering whether to propose an extension, and I expect an announcement in that regard shortly.
In any case, if the deadline is in fact to be extended, it will need to be done in primary legislation, which is ultimately a matter for the Oireachtas.
