New law to streamline accounts
Published 05/01/2010 | 05:00
THE Government yesterday enacted new legislation aimed at easing the transfer of investment funds between jurisdictions and allowing companies use American standards when drawing up their financial accounts.
Minister for Trade and Commerce Billy Kelleher said the enactment of the Companies (Miscellaneous Provisions) Act 2009 introduces important new provisions including measures allowing certain companies continue on a temporary basis to use US Generally Accepted Accounting Principles (US GAAP) in the preparation of their accounts.
The minister said the rapidity with which Ireland has amended its laws to provide a legislative basis for these measures sends a strong signal nationally and internationally to work with industry in support of valuable new business opportunities.