Jack Chambers (Dublin West, Fianna Fail)
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161. To ask the Minister for Jobs, Enterprise and Innovation to extend or make permanent the exemption contained in section 279 of the Companies Act which allows companies that are incorporated in Ireland but are on the stock exchange in the US not to have to file financial statements under International Financial Reporting Standards Protocol if they have filed under the Generally Accepted Accounting Principles Protocol of the US; and if he will make a statement on the matter. [6939/16]

Richard Bruton (Dublin Bay North, Fine Gael)
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Section 279 of the Companies Act 2014 provides that in limited cases for a particular transitional period, US Accounting Standards may be used by certain companies. This is conditional on compliance with Irish company law and is subject to the company meeting a number of qualifying criteria. This transitional arrangement was first introduced in 2009 in the Companies (Miscellaneous Provisions) Act 2009, and was later amended and extended in the Companies (Amendment) Act 2012 to run until 31 December 2020. Section 279 of the Companies Act 2014 re-enacts the 2012 provision with the same period.

My Department intends to review the exemption, including the deadline, in the course of this year. If it is considered that the exemption should be extended, this will require primary legislation, which ultimately will be a matter for the Oireachtas.