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

I welcome the inclusion of the true and fair test. It is an issue I have raised. Because we are giving legislative approval for the first time to these types of fund I am not convinced that we should allow flexibility to present the annual accounts for Irish domiciled funds in five ways, at a minimum; there may be others listed in secondary legislation. It is an issue in financial institutions, some of which have used UK or EU accounting practices and there have been conflicts and differences. There is an ongoing debate within the British jurisdiction on accounting standards and the issue is being investigated or the subject of hearings at Westminster. When establishing something new and because this will be the first time we will have this new model, why do we not use the term "international accounting standards"? We should try to be as tidy as possible. Perhaps it is an issue on which the Minister of State might be willing to come back on Report Stage.