Dáil Éireann Debate, Tuesday - 7 March 2017
809. Deputy Michael McGrath asked the Minister for Jobs, Enterprise and Innovation the position regarding the transposition of the EU Accounting Directive into law; her views on the fact that the application of section 1A of FRS 102 and FRS 105 is not yet in place here; if her attention has been drawn to the consequences for SMEs; and if she will make a statement on the matter. [11869/17]
View answerThe Companies (Accounting) Bill 2016 will transpose Directive 2013/34/EU (the EU Accounting Directive) into Irish legislation. That Bill is expected to be scheduled for Report Stage in the Dáil later this month.
Clearly, the timing of enactment thereafter will depend on the availability of parliamentary time.
Section 1A of FRS 102 sets out the information that shall be presented and disclosed in the financial statements of a small entity that chooses to apply the small entities regime, while FRS 105 is the Financial Reporting Standard applicable to the Micro-entities Regime. The Bill introduces new provisions for small companies and for a new category of micro company, which is a subset of the category of small company. Accordingly, Section 1A of FRS 102 and FRS 105 will be available to small and micro companies, respectively, once the Bill is enacted and commenced.
