Noel Rock (Dublin North West, Fine Gael)
Link to this: Individually | In context | Oireachtas source

656. To ask the Minister for Jobs, Enterprise and Innovation when the Companies (Accounting) Bill 2016 will be enacted (details supplied). [7229/17]

Mary Mitchell O'Connor (Dún Laoghaire, Fine Gael)
Link to this: Individually | In context | Oireachtas source

The Companies (Accounting) Bill 2016 completed Committee Stage in the Dáil on 22 November 2016. Enactment of the Bill is a legislative priority for the Government. Accordingly, I hope Dáil Report Stage will be scheduled as soon as possible. Clearly, the timing of enactment thereafter will depend on the availability of parliamentary time.

Section 279 of the Companies Act 2014 provides that in limited cases for a particular transitional period, US Accounting Standards (US GAAP) may be used by certain companies. This period is due to expire on 31 December 2020.

On 17th January 2017 the Government approved the General Scheme of the Companies (Statutory Audits) Bill. One of the Heads in that Bill is a provision to extend the transitional period at section 279 by 10 years to December 2030 for those companies already availing of that  section's provision.

The Companies (Accounting) Bill 2016 transposes the EU Accounting Directive, which is overdue. It also introduces some important benefits for small and micro companies. Accordingly, enactment of the Bill is a priority for the Government. Introducing new provisions to the Bill at this stage runs the risk of further delaying its enactment.