Mary Mitchell O'Connor (Dún Laoghaire, Fine Gael) | Oireachtas source

I move amendment No. 32:

In page 57, to delete lines 24 and 25.

The Bill inserts new Schedules into the Companies Act 2014. They replace the current Schedules in the Companies Act and separate the principles, form and content of financial statements for companies, small companies, micro-companies, groups and small groups. This approach is intended to make it easier for a business to identify the relevant provisions for its financial statements based on the size of that business.

These new Schedules refer to value adjustments as well as to provisions. However, section 117 of the Companies Act, which provides for profits available for distribution, only mentions provisions. Amendment No. 33, therefore, inserts references to value adjustments for clarity. Section 88 already makes an amendment to section 117 updating the cross-references to take account of the new Schedule. Amendment No. 32 deletes that new cross-reference and amendment No. 33 reinserts it, together with the new reference to value adjustment.