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Select Committee on Jobs, Enterprise and Innovation: Companies (Accounting) Bill 2016: Committee Stage (22 Nov 2016)

Mary Mitchell O'Connor: 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...

Select Committee on Jobs, Enterprise and Innovation: Companies (Accounting) Bill 2016: Committee Stage (22 Nov 2016)

Mary Mitchell O'Connor: I move amendment No. 33:In page 58, between lines 17 and 18, to insert the following: “PART 3Amendment 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,...

Select Committee on Jobs, Enterprise and Innovation: Companies (Accounting) Bill 2016: Committee Stage (22 Nov 2016)

Mary Mitchell O'Connor: I move amendment No. 34:In page 58, between lines 17 and 18, to insert the following: “Amendment of section 621 of Principal Act 90. Section 621 of the Principal Act is amended—(a) in subsection (2)(e), by the substitution of “to the extent that the company” for "save to the extent that the company”, and (b) in subsection (7)(b), by the substitution of...

Select Committee on Jobs, Enterprise and Innovation: Companies (Accounting) Bill 2016: Committee Stage (22 Nov 2016)

Mary Mitchell O'Connor: I move amendment No. 35:In page 58, between lines 17 and 18, to insert the following: “Amendment of section 633 of Principal Act 91. Section 633 of the Principal Act is amended by the substitution of the following subsection for subsection (4):“(4) In this section—‘liquidator’ includes provisional liquidator; ‘prescribed fee’ means a fee...

Select Committee on Jobs, Enterprise and Innovation: Companies (Accounting) Bill 2016: Committee Stage (22 Nov 2016)

Mary Mitchell O'Connor: I move amendment No. 36:In page 58, between lines 17 and 18, to insert the following: “Amendment of section 842 of Principal Act 92. Section 842 of the Principal Act is amended—(a) in paragraph (h), by the deletion of “or”, (b) in paragraph (i), by the substitution in subparagraph (ii) of “in the State, or” for “in the State.”, and...

Select Committee on Jobs, Enterprise and Innovation: Companies (Accounting) Bill 2016: Committee Stage (22 Nov 2016)

Mary Mitchell O'Connor: I move amendment No. 37:In page 58, between lines 17 and 18, to insert the following: “Amendment of section 844 of Principal Act 93.Section 844 of the Principal Act is amended by the insertion of the following subsection after subsection (4):“(4A) An application under section 842(j) may be made by the competent authority (within the meaning of the Competition Act...

Select Committee on Jobs, Enterprise and Innovation: Companies (Accounting) Bill 2016: Committee Stage (22 Nov 2016)

Mary Mitchell O'Connor: I move amendment No. 38:In page 58, between lines 17 and 18, to insert the following: “Investigation by disciplinary committees of prescribed accountancy bodies 94. The Principal Act is amended by the insertion of the following section after section 931:“931A.(1) In this section—‘client’ has the same meaning as it has in section 934; ‘relevant...

Select Committee on Jobs, Enterprise and Innovation: Companies (Accounting) Bill 2016: Committee Stage (22 Nov 2016)

Mary Mitchell O'Connor: I move amendment No. 39:In page 58, between lines 17 and 18, to insert the following: “Liability of prescribed body for acts, omissions etc. 95.The Principal Act is amended by the insertion of the following section after section 942:“942A. (1) Neither a prescribed body nor any person who is or was—(a) a member or director, or (b) other officer or employee,of the...

Select Committee on Jobs, Enterprise and Innovation: Companies (Accounting) Bill 2016: Committee Stage (22 Nov 2016)

Mary Mitchell O'Connor: I move amendment No. 40:In page 58, between lines 17 and 18, to insert the following: “Further miscellaneous amendments of Principal Act 96. The Principal Act is amended—(a) in section 2(1), in the definition of “Director”, by the substitution of “952” for “954”, (b) in section 408(1), by the substitution of the following paragraph...

Select Committee on Jobs, Enterprise and Innovation: Companies (Accounting) Bill 2016: Committee Stage (22 Nov 2016)

Mary Mitchell O'Connor: I propose to delete section 89. I am considering tabling amendments to the section on Report Stage. It is proposed to remove the terms “unsound mind” and “insanity” from the Companies Act 2014 and replace these with new terms. At the time of the making of the 2014 Act, a policy decision was made to remove language that was considered unnecessarily...

Select Committee on Jobs, Enterprise and Innovation: Companies (Accounting) Bill 2016: Committee Stage (22 Nov 2016)

Mary Mitchell O'Connor: I move amendment No. 41:In page 61, to delete lines 12 to 14 and substitute the following:“(a) in accordance with Directive 2006/43/EC of the European Parliament and of the Council of 17 May 2006 as amended by Directive 2014/56/EU of the European Parliament and of the Council of 16 April 2014 on statutory audits of annual accounts and consolidated accounts, and”. This is a...

Select Committee on Jobs, Enterprise and Innovation: Companies (Accounting) Bill 2016: Committee Stage (22 Nov 2016)

Mary Mitchell O'Connor: I am not sure. I will come back to the Deputy when I know.

Written Answers — Department of Jobs, Enterprise and Innovation: Departmental Agencies Staff Data (24 Nov 2016)

Mary Mitchell O'Connor: I propose to take Questions Nos. 254 and 264 together. There are currently two vacancies on State Boards that come within my Department's remit, both of which exist on the Board of IAASA. In this regard, there is one position for a Chairperson, for which a shortlist was submitted by the Public Appointments Service (PAS) to me. The selected candidate is now to meet with the Joint Oireachtas...

Written Answers — Department of Jobs, Enterprise and Innovation: Job Initiatives (24 Nov 2016)

Mary Mitchell O'Connor: The Succeed-in-Ireland (SII) initiative has been operated by Connect Ireland (CI) on the basis of a contract that was agreed with IDA Ireland on 27 March 2012. This contract was due to expire to 26 March 2016. However, in advance of that date, CI and the IDA agreed to extend the term of the contract for a maximum period of one year. The purpose of that extension was to facilitate both...

Written Answers — Department of Jobs, Enterprise and Innovation: Company Law (24 Nov 2016)

Mary Mitchell O'Connor: The disclosure of directors’ remuneration is a long-standing requirement in Irish company law. Since the introduction of the Companies (Amendment) Act 1986, small companies have been obliged to publically disclose directors’ remuneration. This requirement is now provided for at Chapter 6 of Part 6 of the Companies Act 2014, which largely re-enacts the existing provisions in...

Written Answers — Department of Jobs, Enterprise and Innovation: Departmental Strategies (24 Nov 2016)

Mary Mitchell O'Connor: As a small open economy, Ireland operates in an environment of continuous and fast-paced change globally. There are many external factors over which Ireland has no control. Nevertheless, we have put in place policies that ensure we are anticipatory and responsive and build resilience in our enterprise base. These policies are working. Based on the latest CSO data released earlier this...

Written Answers — Department of Jobs, Enterprise and Innovation: Departmental Agencies Staff Recruitment (24 Nov 2016)

Mary Mitchell O'Connor: I propose to take Questions Nos. 259 and 260 together. Given the wide mission my Department has, the UK’s decision to leave the European Union will impact significantly on all policy fields across the Department as well as our family of Agencies. In our immediate response, the EU Affairs Unit of my Department exercised a dedicated overall coordination role across all of the relevant...

Written Answers — Department of Jobs, Enterprise and Innovation: Comprehensive Economic and Trade Agreement (24 Nov 2016)

Mary Mitchell O'Connor: At the 16th EU-Canada Summit on 30 October 2016 in Brussels, EU leaders and the Canadian Prime Minister signed the EU-Canada Comprehensive Economic Trade Agreement (CETA). CETA is a comprehensive and progressive trade agreement between the EU and Canada. It removes over 99% of tariffs that currently hinder trade between the EU and Canada. It is expected to increase bilateral trade by...

Written Answers — Department of Jobs, Enterprise and Innovation: Brexit Issues (24 Nov 2016)

Mary Mitchell O'Connor: The recent Brexit referendum has introduced an amount of uncertainty into the trading relationships between Ireland and the UK, which has resulted in part from a degree of volatility in the Euro/Sterling exchange rates and concerns about future investment plans in the UK market. Exchange rate fluctuations will pose real challenges for low margin exporting sectors that are reliant in whole or...

Written Answers — Department of Jobs, Enterprise and Innovation: Export Credit Support (24 Nov 2016)

Mary Mitchell O'Connor: The issue of finance for exports is an ongoing concern for this Government and it has been addressed in the Action Plan for Jobs over the last two years. A high level group consisting of the Department of Finance, Department of Jobs, Enterprise & Innovation, Enterprise Ireland, Strategic Banking Corporation of Ireland and Ireland Strategic Investment Fund was established to...

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