Simon Harris (Wicklow, Fine Gael) | Oireachtas source

I move amendment No. 16:

In page 70, between lines 19 and 20, to insert the following:

“(11) In this section “international financial reporting standards” means the international financial reporting standards, within the meaning of Regulation (EC) No. 1606/2002 of the European Parliament and of the Council of 19 July 20021 adopted from time to time by the Commission of the European Union in accordance with that Regulation.”.

Amendment No. 16 defines the references to international financial reporting standards at section 111(4) of the ICAV Bill, as passed by the Dáil on Committee Stage, which requires the annual accounts of an ICAV to be prepared in accordance with one of the following generally accepted accounting practices in the State, international financial reporting standards or an alternative body of accounting standards. This is defined in section 111(6) of the Act. It seeks to clarify the standard to be applied to annual accounts of an ICAV that are prepared in accordance with international financial reporting standards, as adopted from time to time by the EU, which Deputies felt lacked clarity on Committee Stage.

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