Companies Miscellaneous Provisions Act 2009 Index - Section 2

Regulations.

2.—(1) In this section “accounts” means Companies Act

individual accounts and Companies Act group accounts.
(2) The Minister may make regulations providing for specified
categories of parent undertakings which do not have securities admitted
to trading on a regulated market and providing that—

(a) a true and fair view of the state of affairs and profit or loss
of a parent undertaking in such a category may be given
by the preparation by it of its Companies Act individual
accounts for a specified number, not to exceed 4, of its
first financial years in accordance with specified accounting
standards, and
(b) a true and fair view of the state of affairs and profit or
loss of a parent undertaking in such a category and its
subsidiary undertakings as a whole may be given by the
preparation by that parent undertaking of its Companies
Act group accounts for a specified number, not to exceed
4, of its first financial years in accordance with specified
accounting standards.

(3) Regulations made under subsection (2) shall-

(a) specify the accounting standards, which shall be—
(i) internationally recognised, and
(ii) generally accepted accounting principles or practice
of a jurisdiction—
(I) to which a majority of the subsidiaries of the
parent undertaking have a substantial connection,
or
(II) in which the market on which the shares of the
parent undertaking are primarily admitted to
trading is situated,
(b) specify the number of financial years in respect of which
the regulations apply, and the date on which the latest of
such financial years shall end, which shall be not later
than 31 December 2015, and
(c) provide that the preparation of such accounts shall not
contravene any provision of the Companies Acts or of
any regulations made thereunder.
(4) Every regulation under this section shall be laid before each
House of the Oireachtas as soon as may be after it is made and, if a
resolution annulling the regulation is passed by either such House
within the next 21 days on which that House has sat after the regulation
is laid before it, the regulation shall be annulled accordingly
but without prejudice to the validity of anything previously done
thereunder.

(5) Where accounts are prepared in accordance with regulations
made under this section, the notes to those accounts shall contain a
statement to that effect.

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