Dáil Éireann Debate, Wednesday - 7 April 2004
81 Mr. Howlin asked the Tánaiste and Minister for Enterprise, Trade and Employment if, further to Questions Nos. 40 and 63 of the 23 October 2003, she will indicate when she intends taking a decision in respect of the application of international financial reporting standards here; the outcome of the consultation process her Department was engaged in on this issue; and if she will make a statement on the matter. [11041/04]
Amharc ar fhreagraRegulation (EC) No 1606/2002 of the European Parliament and of the Council on the application of international accounting standards provides for the mandatory application of international accounting standards adopted in accordance with the procedure contained in the regulation to the consolidated accounts of listed companies.
The regulation also contains member state options regarding the application of these standards to the annual accounts of listed companies or to the consolidated and/or annual accounts of non-listed companies. Before adopting a final decision on the options, I have sought and am awaiting the views of the Company Law Review Group, and I expect to receive these in the immediate future, after which I propose to take a final decision on this matter.
In this regard, however, I wish to repeat what I said in response to the previous questions mentioned, that, in line with my stated inclination, I expect to provide that companies will be permitted to elect to avail or not to avail of the options in question, but without making it mandatory for them to comply with these options.
