Use Of GAAP Accounting

The Minister for Jobs, Enterprise and Innovation has published the Companies (Amendment) Bill 2012.
The Bill amends existing provisions contained in the Companies (Miscellaneous Provisions) Act 2009 in respect of use of US GAAP accounting principles by specified undertakings. 

The Bill provides for extension in relation to the use of these principles from financial years ending at the latest on 31 December 2015 to financial years ending at the latest on 31 December 2020.  The restriction on the use by a relevant parent undertaking of this facility to 4 years is also removed. 

The use of the provision is permitted on the basis that the use of those principles in the preparation of the undertakings accounts does not contravene any of the provisions of the Companies Acts.