EU Regulations

Dáil Éireann Debate, Thursday - 13 October 2022

Thursday, 13 October 2022

Questions (173)

Catherine Murphy

Question:

173. Deputy Catherine Murphy asked the Tánaiste and Minister for Enterprise, Trade and Employment the date on which Section/Paragraph 19 of the European Communities (Credit Institutions: Accounts) Regulations 1992 was first amended to allow for the adoption of international accounting standards that delay the recognition of loan losses in view of the fact that the concept of prudence, as defined in Section/Paragraph 19 requires the immediate recognition of losses (details supplied); and if he will make a statement on the matter. [50799/22]

Written answers

Minister of State at the Department of Enterprise, Trade and Employment

The amendment referred to was made by S.I. No. 116/2005 - European Communities (International Financial Reporting Standards and Miscellaneous Amendments) Regulations 2005.

This instrument gave effect to the requirement of the European Union that companies with securities admitted to trading on a regulated market must prepare their consolidated financial statements under International Financial Reporting Standards (IFRS) as adopted by the EU.

The EU introduced this rule to promote the convergence of accounting standards at global level and to ensure consistent and comparable financial reporting across the EU.

The national legislative framework has since been updated by way of the Companies Act 2014 and S.I. No. 266/2015 - European Union (Credit Institutions: Financial Statements) Regulations 2015.