Companies (Miscellaneous Provisions) Act 2009

Transitional accounting standards.

1.— (1) In this section—

“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.