Companies Miscellaneous Provisions Act 2009 Index - Section 1

Number 45 of 2009

COMPANIES (MISCELLANEOUS PROVISIONS) ACT 2009

AN ACT TO PROVIDE, IN LIMITED CIRCUMSTANCES, FOR
THE TRANSITIONAL USE BY CERTAIN PARENT
UNDERTAKINGS OF INTERNATIONALLY RECOGNISED
ACCOUNTING STANDARDS OTHER THAN
THOSE GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
AND POLICIES USED IN THE STATE, TO
AMEND THE COMPANIES ACT 1990, THE COMPANIES
(AUDITING AND ACCOUNTING) ACT 2003 AND THE
EUROPEAN COMMUNITIES (UNDERTAKINGS FOR
COLLECTIVE INVESTMENT IN TRANSFERABLE
SECURITIES) REGULATIONS 2003, AND TO PROVIDE
FOR RELATED MATTERS.


[23rd December, 2009]


BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

1.—(1) In this section -

Transitional accounting standards.

“accounts” means Companies Act individual accounts and Companies
Act group accounts;
“relevant parent undertaking” means a parent undertaking—
(a) which does not have securities admitted to trading on a
regulated market,
(b) whose securities (or whose receipts in respect of those
securities) are registered with the Securities and
Exchange Commission of the United States of America,
or which is otherwise subject to reporting to that Commission,
under the laws of the United States of
America, and
(c) which, prior to the commencement of this section, has not
made and was not required to make an annual return to
the registrar of companies to which accounts were
required to have been annexed;
“US generally accepted accounting principles” means the standards
and interpretations, in relation to accounting and financial statements,
issued by any of the following bodies constituted under the
laws of the United States of America or of a territorial unit of the
United States of America:
(a) the Financial Accounting Standards Board;
(b) the American Institute of Certified Public Accountants;
(c) the Securities and Exchange Commission.
(2) This section applies to the accounts of a relevant parent
undertaking that are prepared for such of its first 4 financial years
after it is incorporated in the State as end or ends not later than 31
December 2015.
(3) To the extent that the use of US generally accepted accounting
principles does not contravene any provision of the Companies
Acts or of any regulations made thereunder—
(a) a true and fair view of the state of affairs and profit or loss
of a relevant parent undertaking may be given by the use
by that undertaking of those principles in the preparation
of its Companies Act individual accounts, and
(b) a true and fair view of the state of affairs and profit or
loss of a relevant parent undertaking and its subsidiary
undertakings as a whole may be given by the use by that
relevant parent undertaking of those principles in the
preparation of its Companies Act group accounts.
(4) Where accounts are prepared in accordance with this section,
the notes to those accounts shall contain a statement to that effect.

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