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260A.—(1) Notwithstanding section 148(2) of the Principal Act (inserted by the European Communities (International Financial Reporting Standards and Miscellaneous Amendments) Regulations 2005 (
S.I. No. 116 of 2005
)) an investment company may, in respect of its individual accounts, opt to prepare those accounts in accordance with both of the following, namely—
(a) an alternative body of accounting standards, and
(b) section 149A of the Principal Act,
as if the references in that section 149A to international financial reporting standards were references to that alternative body of accounting standards.
(2) In the application of subsections (4), (5) and (6) of section 148 of the Principal Act to an investment company which has opted under subsection (1) to prepare its accounts in accordance with an alternative body of accounting standards—
(a) the reference in that subsection (4) to international financial reporting standards shall be read as a reference to that alternative body of accounting standards, and
(b) there shall be substituted for ‘IFRS’, in each place where it occurs in those subsections (4), (5) and (6), ‘ABAS’ (which shall be read as referring to that alternative body of accounting standards).
(3) For the purposes of this section, accounts shall not be regarded as having been prepared in accordance with an alternative body of accounting standards unless the accounts concerned would, were they to have been prepared by a company or undertaking registered in the relevant jurisdiction, be regarded as having been prepared in accordance with those standards.
(4) In this section—
‘alternative body of accounting standards’ means standards that accounts of companies or undertakings must comply with that are laid down by such body or bodies having authority to lay down standards of that kind in—
(a) United States of America,
(b) Canada,
(c) Japan, or
(d) any other prescribed state or territory,
as may be prescribed;
‘relevant jurisdiction’ means the state or territory in which the alternative body of accounting standards concerned have effect.
(5) Before making regulations for the purposes of subsection (4), the Minister—
(a) shall consult with the Central Bank, and
(b) may consult with any other persons whom the Minister considers should be consulted.
(6) If particular regulations for the purposes of subsection (4) are proposed to be made at a time subsequent to the commencement of
Part 2
of the
Companies (Auditing and Accounting) Act 2003
, then, before making those regulations, the Minister shall also consult with the Irish Auditing and Accounting Supervisory Authority.”.
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