Companies Law Issues

Dáil Éireann Debate, Thursday - 18 July 2013

Thursday, 18 July 2013

Ceisteanna (287)

Andrew Doyle

Ceist:

287. Deputy Andrew Doyle asked the Minister for Jobs, Enterprise and Innovation his views on whether the company law (accounting) directive, between EU member states, will reduce an administrative burden for small and medium enterprises in the long run, but in the short and medium term if he sees this changeover to be burdensome to Irish small and medium-sized enterprises; his views on whether now is the correct time to be making these changes; and if he will make a statement on the matter. [36168/13]

Freagraí scríofa

Minister for Jobs, Enterprise and Innovation

I regard the brokering of the agreement with the European Parliament on the Accounting Directive as one of the more significant achievements of the Irish Presidency. The new Accounting Directive introduces a simplified set of accounting rules and will reduce the administrative burden on SMEs, both in the long term and in the medium term.

The Directive reduces the requirements imposed on SMEs so, apart from the need for a small degree of familiarisation, there is no reason why the changeover should be burdensome, in the short term or in the medium term.

The Accounting Directive is one of the final outstanding parts of the Single Market Act I. The Single Market Act is a series of measures designed to boost the European economy and create jobs, which is a matter of particular importance in the current economic climate. I therefore believe that now is the appropriate time to be making these changes

The new Directive is now part of EU law and Ireland is obliged to implement it.