Dáil Éireann Debate, Tuesday - 21 March 2017
1264. Deputy John Lahart asked the Minister for Jobs, Enterprise and Innovation if the Bill that includes new rules regarding financial reporting standard 105, FRS105, has been enacted; the details of the rules for small businesses to meet the criteria set out in the FRS105; and if she will make a statement on the matter. [14123/17]
View answerThe Companies (Accounting) Bill 2016 will transpose Directive 2013/34/EU (the EU Accounting Directive) into Irish legislation. That Bill is scheduled for Report Stage in the Dáil this week.
Clearly, the timing of enactment thereafter will depend on the availability of parliamentary time.
FRS 105 is the Financial Reporting Standard applicable to the Micro-entities Regime. The Bill introduces new provisions for a new category of micro company, which is a subset of the category of small company. Accordingly, FRS 105 will be available to micro companies once the Bill is enacted and commenced.
