Paschal Donohoe (Fine Gael)

Unlike Senator O'Toole, this is a new area for me and I found the debate on this Bill very interesting. It was brought home to me when I was preparing for Second Stage. I came across a company that reported its annual profits under one accounting regime and then under another, all being part of the same annual report, for some reason. There was a €300 million difference in terms of the profits being reported, so this is important stuff.

One point I should make to the Minister, which we made on Second Stage, is that given the number of companies seeking this exemption to be made, it should only be granted in a sparing, judicious and careful manner. At a time when across the world there is more and more consensus for trans-geographical common accounting standards, this appears to be a very recent acknowledgement, particularly within the United States. At such a time it is important we allow common accounting standards across all companies, regardless of where they are located, because this promotes the honest reporting of economic activity. The absence of this, as we know, has been a contributory factor to the economic difficulties all countries are now experiencing. My impulse is to say that when this is being used I hope it will be done sparingly for the right reasons. I am sure it will, given the explanation that was given here for the Bill.

That is a point I want to emphasise. I wish it well and look forward to seeing further developments in this area in the coming 12 months.