Written answers

Tuesday, 21 March 2017

Department of Jobs, Enterprise and Innovation

Legislative Programme

Photo of Jackie CahillJackie Cahill (Tipperary, Fianna Fail)
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1263. To ask the Minister for Jobs, Enterprise and Innovation when the Companies (Accounting) Bill 2016 will be enacted (details supplied); and if she will make a statement on the matter. [13911/17]

Photo of Mary Mitchell O'ConnorMary Mitchell O'Connor (Dún Laoghaire, Fine Gael)
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The Companies (Accounting) Bill 2016 is scheduled for Report Stage in Dáil Éireann this week. The timing of enactment thereafter will depend on the availability of parliamentary time.

In light of the benefits for many companies provided for in that Bill, it remains a legislative priority for the Government.

Photo of John LahartJohn Lahart (Dublin South West, Fianna Fail)
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1264. To ask the Minister for Jobs, Enterprise and Innovation if the Bill that includes new rules regarding financial reporting standard 105, FRS105, has been enacted; the details of the rules for small businesses to meet the criteria set out in the FRS105; and if she will make a statement on the matter. [14123/17]

Photo of Mary Mitchell O'ConnorMary Mitchell O'Connor (Dún Laoghaire, Fine Gael)
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The Companies (Accounting) Bill 2016 will transpose Directive 2013/34/EU (the EU Accounting Directive) into Irish legislation.  That Bill is scheduled for Report Stage in the Dáil this week.

Clearly, the timing of enactment thereafter will depend on the availability of parliamentary time.

FRS 105 is the Financial Reporting Standard applicable to the Micro-entities Regime. The Bill introduces new provisions for a new category of micro company, which is a subset of the category of small company. Accordingly, FRS 105 will be available to micro companies once the Bill is enacted and commenced.

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