Dáil Éireann Debate, Tuesday - 14 February 2017
659. Deputy Maurice Quinlivan asked the Minister for Jobs, Enterprise and Innovation if she will expedite the proposed extension to section 279(2) of the Companies Act 2014 via an amendment to the Companies (Accounting) Bill 2016 in order to avoid major disruption to applicable businesses; and if she will make a statement on the matter. [7279/17]
Amharc ar fhreagraSection 279 of the Companies Act 2014 provides that in limited cases for a particular transitional period, US Accounting Standards (US GAAP) may be used by certain companies. This period is due to expire on 31 December 2020.
On 17th January 2017 the Government approved the General Scheme of the Companies (Statutory Audits) Bill. One of the Heads in that Bill is a provision to extend the transitional period at Section 279 by 10 years to December 2030 for those companies already availing of that Section's provisions.
The Companies (Accounting) Bill 2016 transposes the EU Accounting Directive, which is overdue. It also introduces some important benefits for small and micro companies. Accordingly, enactment of the Bill is a priority for the Government. Introducing new provisions to the Bill at this stage runs the risk of further delaying its enactment.
