Patrick O'Donovan (Limerick, Fine Gael)
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68. To ask the Minister for Jobs, Enterprise and Innovation the reason supermarkets are not required to publish their financial situation in terms of profit or loss on an annual basis; if this is the accepted practice in other European Unon member states; and if he will make a statement on the matter. [16911/15]

Richard Bruton (Dublin North Central, Fine Gael)
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The contents of the financial statements of limited companies are governed by EU Company Law Directives and Regulations and by the applicable accounting standards.

At present, the requirements regarding the preparation and publication of the accounts of limited companies and groups are determined by the First, Fourth and Seventh EU Company Law Directives and by the EU IFRS Regulation. The requirements of the Fourth and Seventh Directives will be replaced by those of the new Accounting Directive (Directive 2013/34/EU) when it is transposed into Irish law.

The present requirements are largely reflected in the Companies Act, 1963, the Companies (Amendment) Act 1986 and the European Communities (Companies: Group Accounts) Regulations 1992, as amended. They are also reflected in Part 6 of the Companies Act 2014, which will replace the existing legislation and which I propose to commence as of 1 June 2015.

The EU Eleventh Company Law Directive, implemented as the European Communities (Branch Disclosures) Regulations, 1993, addresses the requirements applicable to branches of EEA companies.

Irish subsidiaries of EEA companies can submit the audited group accounts of their parent to the Registrar of Companies instead of their own individual accounts provided certain conditions are met. EEA companies that have an Irish branch are required to submit only the company accounts to the Registrar of Companies. Irish companies that are subsidiaries of EEA companies and which are themselves parent companies need not produce consolidated accounts provided certain conditions are met.

There are similar provisions for subsidiaries of non-EEA companies. In such cases the consolidated accounts of the EEA or non-EEA group must be submitted to the Registrar of Companies.

I have no plans to amend this disclosure regime in relation to specific sectors in the economy, as this would be open to accusations of discrimination and, were it to be required generally in the economy, it could have implications in terms of business costs and attracting foreign direct investment.