Josepha Madigan (Dublin Rathdown, Fine Gael)
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214. To ask the Minister for Jobs, Enterprise and Innovation to amend section 279(2) of the Companies Act 2014 to extend the deadline to use the modified US generally accepted accounting principles by three years; the time frame he envisages; and if she will make a statement on the matter. [11069/16]

Mary Mitchell O'Connor (Dún Laoghaire, Fine Gael)
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Section 279 of the Companies Act 2014 provides that US Generally Accepted Accounting Principles may be used by companies for a particular transitional period, subject to compliance with Irish company law and to the company meeting certain criteria. That transitional period runs to 31 December 2020.

My Department intends to carry out a public consultation on this matter in the second half of this year. If it is considered that the existing exemption period should be extended, it will be necessary to introduce this by way of primary legislation, which ultimately will be a matter for the Oireachtas.