Damien English (Meath West, Fine Gael) | Oireachtas source

I particularly welcome the general expressions of support for the overall objective of the Bill, as well as many of its key features, such as simplification and transparency. It is of course true that small and micro Irish companies have been waiting to apply the benefits of this Bill. Once it is enacted, those companies will find their financial reporting requirements more straightforward and will notice savings in time and effort. That can only be a good thing. I hope we can bring this Bill through the House efficiently and I know there is support for that from Members. That said, efficiency should not come at the cost of a proper consideration of the issues. It is clear from the contributions of Deputies on Second Stage that we can expect good and hopefully constructive engagement on Committee Stage.

While Deputies may see scope for some changes or room for manoeuvre, in some areas that may be limited as this Bill is transposing the EU accounting directive. By the same token, we are amending the Companies Act 2014. That is underpinned by some important policy objectives that should be kept in mind. I was involved in bringing that Companies Act, which was quite a large item of legislation compared to the current one, through committee. This Bill is much more straightforward. The Companies Act was large and I would not recommend us going through that again page by page. In any event, all proposals for amendments will be considered with an open mind. As the Minister of State, Deputy Breen, noted earlier, the Bill seeks to strike a balance between reducing the financial reporting obligations of small and very small companies, on one hand, and ensuring that there is meaningful information for third parties, on the other. It is only right that the legislators address that balance.

On the timing of the Bill, the Government acknowledges that there has been a long delay in bringing it forward. We are going to try to bring it through the Houses as quickly as we can in the months ahead. We agree that its timely implementation is very important.

The Bill contains very technical aspects and the preparation took time as a result. I know from my time spent in the Department of Jobs, Enterprise and Innovation that while a Bill like this might seem straightforward and simple, it can actually be quite complicated and it is important that it is gotten right. As Deputy Kelly knows from his time as a Minister, it can be very difficult to find space when it comes to the people drafting legislation. That can take a bit of time but I am glad that the legislation is now on the floor of the Dáil. I am glad that it is being debated. In recognition that it is a complicated Bill, section 4 will allow for some retrospective effects in order that companies can apply the benefits to financial reports for a period before the legislation comes into force. We are especially conscious of the time of year. It is important that we do as I have outlined.

Deputy Kelly asked about timelines for eight other directives. I did remember them in the past but I do not have the timelines with me. I will get them for the Deputy and forward them to him. Hopefully, with the way the Dáil is up and running now, things will move a lot more rapidly and we will get through legislation much quicker.

I thank Deputies for their time and ask them to support the Bill as a priority. I look forward to their continual engagement on this practical and important piece of legislation.

See this speech in context