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.
