Deputy Flynn reported progress.
Industrial Development Bill, 1985: Committee Stage (Resumed) and Final Stages. - Companies (Amendment) Bill, 1985: Committee Stage (Resumed).
SECTION 4.
Question again proposed: "That section 4, as amended, stand part of the Bill".
I do not wish to take advantage of the Opposition in the absence of Deputy Flynn.
I am all right.
I recall that Deputy Flynn said he had some further comments to make on section 4, as amended. I do not think any of us expected that this Bill would be taken tonight. We have had a fair debate but Deputy Flynn had not concluded his comments. I have no objection if the House wishes to adjourn, but if Deputy Wilson wishes to continue I am equally happy.
I understand that Deputy Flynn has been detained and consequently I appreciate very much what the Minister has said. He does not want to take advantage of the absence of Deputy Flynn.
Section 4(1) states:
Subject to the provisions of this section, every balance sheet of a company shall show the items listed in either of the balance sheet formats set out in the Schedule to this Act and every profit and loss account of a company shall show the items listed in any one of the profit and loss formats so set out in either case in the order and under the headings and sub-headings given in the format adopted.
I understand from section 4(1) that there are alternative layouts. I know from dealing with certain semi-State bodies that there have been discussions recently about historic cost accounting and a real, updated type of accounting. Sometimes when semi-State bodies are making a case for extra equity they advance as an argument that, despite considerable progress during the period since their establishment, only a limited amount of money has been invested in them. I recall getting figures for Aer Lingus, for example, which started out in the mid-thirties. It gives a false impression if one considers the £500,000 investment of 1935 in terms of 1986. The original investment would have to be updated in terms of what that kind of investment would mean 50 years later. I do not know what is the thinking behind the balance sheet formats. Format 1 starts on page 22 and format 2 is on page 24. From the general thrust of the Companies (Amendment) Bill I gather that the idea in outlining two possible formats there was to give people who examine the accounts an opportunity of fuller information about the accounts of the company.
Progress reported; Committee to sit again.