Richard Bruton (Dublin North Central, Fine Gael) | Oireachtas source

The purpose of this amendment is to correct an anomaly with regard to statutory financial statements for investment companies. The section as it stands in the Bill, by virtue of its interaction with sections 291 and 293, bypasses the requirements of sections 292(3)(a) and (c), allowing investment companies to prepare what are in effect Companies Act entity financial statements using a body of accounting standards other than IFRS and without being subject to the transposed provisions of the accounting directives.