Billy Kelleher (Cork North Central, Fianna Fail)

The second area where amendments were made in the Dáil is for convenience referred to as the US GAAP part of the Bill. Two related amendments to this proposal were made on Committee Stage in the Dáil. These are contained in amendments Nos. 3 and 4 and refer to sections 1(3) and 2(2),respectively. Section 1 provides for the use of US GAAP by relevant parent undertakings while section 2 provides for the Minister to make regulations to designate for the use of specified categories of parent undertakings other internationally recognised standards. The latter situation would only arise where a justifiable case was made for this.

The text of both amendments are identical and in neither case is the meaning of the provision as originally drafted changed. The revised text has the effect of expressing more clearly than the original text that a true and fair view may be obtained both of the profit and loss accounts of the individual and group accounts through the use of the US GAAP provision at section 1(3) and by the use of the international accounting standards specified at section 2(2). This will add to the clarity of the text originally proposed, even though I am not sure if this speech has added to the clarity of the debate. I have tried my best.