|
|
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.
|
