Accounting Bill laid before the Oireachtas

Legislation to finally transpose the EU’s 2013 Accounting Directive into Irish law has been laid before the Oireachtas by Jobs Minister Mary Mitchell O’Connor.

The Companies (Accounting) Bill 2016 is expected to be discussed after the Dáil and Seanad return from Summer recess.

A key goal of the Accounting Directive is to reduce the burden of compliance by smaller companies with accounting requirements.

It also ends the exemption from filing accounts for unlimited companies with a non-EU/EEA shareholding structure.

The Accounting Bill 2016 will also correct a number of technical errors in the Companies Act 2014, as well as some errors of more practical significance which have been identified by the Law Society of Ireland.