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.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.