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ARTICLE · 05 SEPTEMBER 2012

International Business Group Update – Other Developments (August 2012)

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The exemption contained in the Companies (Miscellaneous Provisions) Act 2009 allowing the use of US GAAP by certain Irish companies has been extended.

IrelandCorporate/Commercial Law
Robert O'Shea
Robert O'Shea
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OTHER DEVELOPMENTS

Use Of US GAAP Extended

The exemption contained in the Companies (Miscellaneous Provisions) Act 2009 (the "2009 Act") allowing the use of US GAAP by certain Irish companies has been extended.  The 2009 Act was introduced to facilitate a number of US companies who had re-domiciled into Ireland and thereby established new top holding companies in Ireland but publicly listed in the US. 

The Companies (Amendment) Act 2012 (the "2012 Act") provides for an extension in relation to the use of these principles for such companies 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 of this facility to four years is also removed. 

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