Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

I suggest that we are not achieving the same thing. If companies are allowed to prepare their annual accounts in accordance with generally accepted accounting practices in the State, that does not require compliance with international financial reporting standards or an alternative body of accounting standards, as listed in the legislation. This allows companies to report accounts that are in compliance with neither the accounting standards listed in legislation nor the international standards, but only the accounting practices in the State, which are inferior to the standards that are in place internationally, whether in Canada, the United States, Japan or any other region.