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

I move amendment No. 33:

In page 58, between lines 17 and 18, to insert the following:

“PART 3

Amendment of section 117 of Principal Act

89. Section 117 of the Principal Act is amended, by the substitution of the following subsection for subsection (4):“(4) For the purposes of subsections (2) and (3)—

(a) where the company prepares Companies Act entity financial statements, any provision or value adjustment (within the meaning of Schedule 3, 3A or 3B, as the case may be) shall be treated as a realised loss other than a value adjustment in respect of any diminution in value of a fixed asset appearing on a revaluation of all the fixed assets or of all the fixed assets other than goodwill (and this qualification is referred to in subsections (5) and (6) as ‘the exception to subsection (4)(a)’), and

(b) where the company prepares IFRS financial statements, a provision or value adjustment of any kind shall be treated as a realised loss.”.”.