Companies (Accounting) Act 2017

Amendment of section 299 of Principal Act

22. Section 299 of the Principal Act is amended—

(a) in subsection (2)—

(i) by the insertion of the following paragraph after paragraph (a):

“(aa) that other holding undertaking holds more than 90 per cent of the shares in the lower holding company and the remaining shareholders in, or members of, the lower holding company have approved the exemption,”,

and

(ii) in paragraph (b), by the substitution of “more than 50 per cent but not more than 90 per cent” for “more than 50 per cent”,

(b) in subsection (4)—

(i) in paragraph (b), by the substitution of the following subparagraph for subparagraph (i):

“(i) the provisions of the Accounting Directive, or”,

(ii) in paragraph (c), by the substitution of “discloses in the notes to its entity financial statements” for “discloses in its entity financial statements”, and

(iii) in paragraph (d), by the substitution of the following subparagraph for subparagraph (i):

“(i) the address of the holding undertaking’s registered office or, where the holding undertaking is incorporated outside the State, the registered office (howsoever described) of the undertaking in the country in which it is incorporated, or”,

(c) in subsection (6), by the substitution of “For the purposes of paragraphs (aa) and (b) of subsection (2)” for “For the purposes of paragraph (b) of subsection (2)”, and

(d) by the substitution of the following subsection for subsection (8):

“(8) In this section, ‘consolidated annual report’ means the report prepared by management of the group in accordance with the Accounting Directive and is equivalent to the expression ‘directors’ report’ as used in this Part.”.