Niall Collins (Limerick County, Fianna Fail)
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258. To ask the Minister for Jobs, Enterprise and Innovation if and when she will extend the expiry date as provided under section 279(2) of the Companies Act 2014 to enable qualifying companies use the United States of America generally accepted accounting principles financial reporting standard in Ireland, given the significant number of foreign direct investment jobs provided and continued Irish competitiveness for attracting future jobs in this sector; and if she will make a statement on the matter. [12423/16]

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.

A number of factors will need to be considered before a decision is made on any possible extension beyond 2020. Accordingly, 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.