S.I. No. 510/2012 - European Union (International Financial Reporting Standards) Regulations 2012.
Notice of the making of this Statutory Instrument was published in | ||
“Iris Oifigiúil” of 18th December, 2012. | ||
I, RICHARD BRUTON, Minister for Jobs, Enterprise and Innovation, in exercise of the powers conferred on me by section 3 of the European Communities Act 1972 (No. 27 of 1972) and for the purpose of giving further effect to Article 5 of Regulation (EC) No. 1606/2002 of the European Parliament and of the Council of 19 July 20021 , hereby make the following regulations: | ||
Citation, construction and commencement | ||
1. (1) These Regulations may be cited as the European Union (International Financial Reporting Standards) Regulations 2012. | ||
(2) The Companies Acts and these Regulations shall be construed together as one. | ||
(3) These Regulations apply to accounts for financial years ending on or after the date of the making of these Regulations. | ||
Interpretation | ||
2. (1) In these Regulations— | ||
“Principal Act” means the Companies Act 1963 (No. 33 of 1963). | ||
Amendment of Section 148 of Principal Act | ||
3. Section 148 of the Principal Act is amended— | ||
(a) in subsection (4), by substituting “Subject to subsection (5A), after the first financial year” for “After the first financial year”, | ||
(b) by inserting the following subsections after subsection (5): | ||
“(5A) After a financial year in which the directors of a company prepare IFRS individual accounts for the company, the directors may change to preparing Companies Act individual accounts for a reason other than a relevant change of circumstance provided they have not changed to Companies Act individual accounts in the period of five years preceding the first day of that financial year. | ||
(5B) In calculating the five year period for the purpose of subsection (5A), no account shall be taken of a change due to a relevant change of circumstance.”, and | ||
(c) in subsection (6), by substituting “Where Companies Act individual accounts are prepared,” for “Where, following a relevant change of circumstances, Companies Act individual accounts are prepared,”. | ||
Amendment of Section 150 of Principal Act | ||
4. Section 150 of the Principal Act is amended— | ||
(a) in subsection (5), by substituting “Subject to subsection (6A), after the first financial year” for “After the first financial year”, | ||
(b) by inserting the following subsections after subsection (6): | ||
“(6A) After a financial year in which the directors of a parent company prepare IFRS group accounts for the company, the directors may change to preparing Companies Act group accounts for a reason other than a relevant change of circumstance provided they have not changed to Companies Act group accounts in the period of five years preceding the first day of that financial year. | ||
(6B) In calculating the five year period for the purpose of subsection (6A), no account shall be taken of a change due to a relevant change of circumstance.”, and | ||
(c) in subsection (7), by substituting “Where Companies Act group accounts are prepared,” for “Where, following a relevant change of circumstances, Companies Act group accounts are prepared,”. | ||
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GIVEN under my Official Seal, | ||
13 December 2012. | ||
RICHARD BRUTON, | ||
Minister for Jobs, Enterprise and Innovation. | ||
EXPLANATORY NOTE | ||
(This note is not part of the Instrument and does not purport to be a legal interpretation.) | ||
These Regulations allow companies which have opted to prepare IFRS individual or group accounts to change to preparing Companies Act individual or group accounts for a reason other than those already allowed by law. Companies availing of this provision may subsequently revert to preparing IFRS individual or group accounts. A change permitted by these Regulations may be made no more than once in every five years. These Regulations do not apply to the group accounts of a company whose securities are admitted to trading on a regulated market in the European Economic Area. | ||
