Michael Ahern (Cork East, Fianna Fail)

The second group consists of amendments Nos. 9 and 32. A new section 28 was inserted which added a new section 260A to the 1990 Companies Act, and the Schedule amending the UCITS regulations was amended by adding a new Regulation 79A. These amendments make provision for investment companies established under Part XIII of the Companies Act 1990 and investment companies established as UCITS to prepare their accounts in accordance with certain accounting standards. These amendments will give these investment companies the flexibility to prepare their accounts in accordance with an alternative body of accounting standards. These standards are to be issued by standard setters prescribed by the Minister by regulation.

Investment companies are still bound by the Acts and will be required to give standard information that every company gives but are being allowed to actually prepare the accounts in accordance with another body of accounting standards in place of the international financial reporting standards, which would not necessarily require such disclosures. A company opting for the alternative standards must fully comply with the relevant standards as if it were registered in the jurisdiction of the standard chosen.