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Use of GAAP Accounting

PRACTICE AREA GROUP: International Business, Inward Investment, Corporate
DATE: 16.05.2012

The Minister for Jobs, Enterprise and Innovation has published the Companies (Amendment) Bill 2012.
The Bill amends existing provisions contained in the Companies (Miscellaneous Provisions) Act 2009 in respect of use of US GAAP accounting principles by specified undertakings. 

The Bill provides for extension in relation to the use of these principles from financial years ending at the latest on 31 December 2015 to financial years ending at the latest on 31 December 2020.  The restriction on the use by a relevant parent undertaking of this facility to 4 years is also removed. 

The use of the provision is permitted on the basis that the use of those principles in the preparation of the undertakings accounts does not contravene any of the provisions of the Companies Acts.

The provisions will apply to specified beneficiary companies whose securities are not traded on a regulated market in the EEA, whose securities are registered with or who are subject to reporting to the US Securities and Exchange Commission (SEC) and who are existing eligible beneficiaries under the 2009 Act.

The second category of beneficiary companies are those whose securities are registered with or who are subject to reporting to the US Securities and Exchange Commission (SEC) and whose securities are not traded on a regulated market in the EEA which on the date that the Bill passes into law have not filed or incurred an obligation to file accounts with the Registrar of Companies.

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