Regulations On Accounts And Consolidated Accounts

Introduction

On the 18 November 2009, the European Communities (Directive 2006/46/EC) Regulations (S.I. 450 of 2009) ("the Regulations"), which implements Directive 2006/46/EC on company reporting in Ireland was signed into law.

Directive 2006/46/EC amends four other Directives; namely Directive 78/660/EEC (the "4th Company Law Directive"), Directive 83/349/EEC (the "7th Company Law Directive"), Directive 86/635/EEC (the "Credit Institutions Directive") and Directive 91/674/EEC (the "Insurance Undertakings Directive").

The key changes arising from the Regulations can be summarised as follows:

• It is now a requirement for an Irish incorporated company whose securities are admitted to trading on a regulated market or on a multi-lateral trading facility to include a corporate governance statement in respect of each financial year end in the annual (directors') report;