Accounting Standards and Guidance

FRC Financial Reporting Standards (FRSs)

UK/Irish accounting framework (effective for periods beginning on or after 1 Jan 2015)

FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland

Appendix IV – Republic of Ireland legal references
[AMD 138] [AMD 687]
AMD 138

Amendment

Appendix VI: Republic OF Ireland (RoI) legal references deleted by Amendments to FRS 102: The Financial Reporting Standard Applicable in the UK and Republic of Ireland: Small entities and other minor amendments

Effective date

01/01/2016 (Earlier application permitted subject to certain conditions - see paragraph 1.15)

Previous text
Section A6 – Introduction
A6.1 The table below outlines the provisions in the Companies Acts 1963 to 2012 and related Regulations which implement EC Accounting Directives (Irish company law), corresponding to the provisions of the UK Companies Act 2006 (the 2006 Act) and the UK Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (the 2008 Regulations) (SI 2008/410) referred to in this FRS.
A6.2 The principal Irish companies' legislation referred to in the table below is:
 dotbulletThe Companies Act 1963 (1963 Act);
 dotbulletThe Companies (Amendment) Act 1983 (1983 Act);
 dotbulletThe Companies (Amendment) Act 1986 (1986 Act);
 dotbulletThe Companies Act 1990 (1990 Act);
 dotbulletThe Companies (Amendment) (No 2) Act 1999;
 dotbulletThe European Communities (Companies: Group Accounts) Regulations 1992 – S.I. No. 201 of 1992 (Group Accounts Regulations 1992 or GAR 1992);
 dotbulletThe European Communities (Credit Institutions: Accounts) Regulations 1992 – S.I. No. 294 of 1992 (Credit Institutions Regulations 1992 or CIR 1992);
 dotbulletThe European Communities (Insurance Undertakings: Accounts) Regulations 1996 – S.I. No. 23 of 1996 (Insurance Undertakings Regulations 1996 or IUR 1996).
A6.3 General references are made in this FRS to UK legislation such as the '2006 Act', 'Companies Act 2006 ('and the Regulations')', 'the Companies Act', 'the Act', 'the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations, 2008', 'the 2008 Regulations' and 'the Regulations'. In an Irish context reference should be made to the relevant sections and paragraphs of Irish companies' legislation. Such general references are not dealt with in the table below. References in the text to 'IAS accounts' are equivalent to 'IFRS accounts' in Irish company law.
A6.4 The following Irish legislation is also referenced in the table below:
 dotbulletThe Building Societies Act 1989;
 dotbulletThe Credit Union Acts 1997 to 2012;
 dotbulletThe Central Bank Act 1971;
 dotbulletThe Charities Act 2009;
 dotbulletThe Friendly Societies Acts 1896 to 1977;
 dotbulletThe Friendly Societies (Amendment) Act 1977;
 dotbulletThe Friendly Societies Regulations 1988 – S.I. No. 74 of 1988;
 dotbulletThe Industrial and Provident Societies (Amendment) Act 1978;
 dotbulletThe Pensions Act 1990; and
 dotbulletThe Occupational Pension Schemes (Disclosure of Information) Regulations 2006 – S.I. No. 301 of 2006.
Companies Act accounts under Irish company law
A6.5 Certain companies are permitted under Irish company law to prepare their Companies Act accounts using accounting standards other than those issued by the Financial Reporting Council (FRC) and promulgated by the Institute of Chartered Accountants in Ireland in respect of their application in the Republic of Ireland. Specifically:
 dotbulletPursuant to the Companies (Miscellaneous Provisions) Act 2009, as amended by the Companies (Amendment) Act 2012, relevant parent undertakings are permitted to prepare 'Companies Act individual accounts' and/or 'Companies Act group accounts' in accordance with US GAAP, as modified to ensure consistency with Irish company law.
 dotbulletInvestment companies subject to Part XIII of the Companies Act 1990 or the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 may adopt an alternative body of accounting standards, being standards which apply in the United States of America, Canada or Japan in preparing 'Companies Act individual accounts'.
A6.6 Such companies, therefore, may adopt standards other than those issued by the FRC in preparing Companies Act accounts under Irish company law.
Small companies under Irish company law
A6.7 There is no equivalent to the UK small companies regime (see Sections 381 to 384 of the 2006 Act) in Irish company law. Section 8 of the Companies (Amendment) Act 1986 (as amended by the European Union (Accounts) Regulations 2012 (S.I. No. 304 of 2012)) defines small companies for the purposes of Irish company law. However, whilst Sections 10 and 12 provide certain exemptions for such companies in relation to their financial statements that are filed with the Registrar of Companies, there are no exemptions for individual or group accounts prepared for members. Under Section 8 (as amended) the qualifying conditions for a company to be treated as a small company in respect of any financial year are as follows:
 dotbulletThe amount of turnover for that year does not exceed €8,800,000;
 dotbulletThe balance sheet total for that year does not exceed €4,400,000; and
 dotbulletAverage number of employees does not exceed 50.
A6.8 Except for companies in their first financial year, Section 8(1)(a) provides that companies qualify to be treated as small if, in respect of that year and the financial year immediately preceding that year, the company satisfies at least two of the above criteria. Section 9 provides that where a company has qualified as small, it continues to be so qualified until it does not meet two of the above three criteria for two consecutive years. Similarly, where a company no longer qualifies as small, two consecutive years of meeting two of the three criteria are required to qualify again as small.
A6.9 The following do not qualify as small under Irish company law:
 dotbulletCompanies subject to the European Communities (Credit Institutions: Accounts) Regulations 1992;
 dotbulletCompanies subject to the European Communities (Insurance Undertakings: Accounts) Regulations 1996;
 dotbulletPrivate companies whose securities are admitted to trading on a regulated market.
Size exemptions from the preparation of group accounts under Irish company law
A6.10 An Irish parent company within the scope of the European Communities (Companies: Group Accounts) Regulations 1992 is exempt from the requirement to prepare group accounts if it, together with its subsidiaries, meets the size and other criteria set out in Regulation 7 of those Regulations. The size criteria in summary require that the parent and subsidiaries together meet two of the following three conditions:
 dotbulletThe amount of turnover for that year does not exceed €15,236,858;
 dotbulletThe balance sheet total for that year does not exceed €7,618,428; and
 dotbulletAverage number of employees does not exceed 250.
A6.11 Except for the year in which a company becomes a parent undertaking, the exemption can only be availed of if two of the three conditions are met in respect of the financial year and the immediately preceding financial year.
A6.12 Exemptions from preparing group accounts on the basis of size, in accordance with Regulation 7 of the European Communities (Companies: Group Accounts) Regulations 1992, are only available to parent companies that are private companies and are not available to parent companies subject to the European Communities (Credit Institutions: Accounts) Regulations 1992 or the European Communities (Insurance Undertakings: Accounts) Regulations 1996.
Merger accounting
A6.13 As there is currently no legislative equivalent to merger relief in the Republic of Ireland, no relief from the requirement of Section 62(1) to establish a share premium account is available. Section 149(5) provides that pre-acquisition profits of an acquired subsidiary may not, for any purpose, be treated in the holding company's accounts as revenue profits. Section 149(5) contains a provision that, where the directors and auditors are satisfied and so certify that it would be fair and reasonable and would not prejudice the rights and interests of any person, the profits or losses attributable to any shares in a subsidiary may be treated in a manner otherwise than in accordance with this subsection.
A6.14 Accordingly, in considering whether merger accounting may be applied, directors and auditors should consider the consequences of providing such certification.
Other notes
A6.15 As noted in paragraph A4.3 of Appendix IV of this FRS, while the UK company law references are made to Schedule 1 to the 2008 Regulations, UK entities applying Schedules 2 (banking companies), 3 (insurance companies) or 6 (Companies Act group accounts) to those Regulations should read them as referring to the equivalent paragraphs in those Schedules. In the table below, the corresponding or similar provisions in Irish company law are specifically set out.
A6.16 The table below is intended as a reference guide to the corresponding or similar provisions in Irish company law and does not purport to be complete. It should be noted that not all Irish legal provisions are equivalent to the corresponding UK legal provisions and reference should be made to the Irish legislation for an understanding of relevant requirements. In some cases reference may need to be made to other parts of Irish company law.
Scope – Section 1

 

UK References

RoI References

Paragraph

2006 Act and the 2008 Regulations (unless otherwise stated)

1963 Act

1983 Act

1986 Act

1990 Act

GAR 1992

CIR 1992

IUR 1996

1.3(b) (Footnote 6)

Section 395(1)(a)

Section 148(2)(a)

 

 

 

 

Regulation 5(1)

Regulation 5(1)

1.3(b) (Footnote 6)

Section 395(1)(b)

Section 148(2)(b)

 

 

 

 

Regulation 5(1)

Regulation 5(1)

1.8

Paragraph 36(4) of Schedule 1

 

 

Paragraph 22AA of Part IIIA of the Schedule

 

Regulation 15 (applying the Schedule to the 1986 Act)

Paragraphs 46A(4A) and 46A(4B) of Part I and paragraph 1 of Part II of the Schedule

 

1.10

Section 399

Section 150(1)

 

 

 

Regulations 5 and 7

Regulation 7(3)

Regulation 10(3)

1.10

Sections 400 to 401

 

 

 

 

Regulations 8, 9 and 9A

Regulations 8 and 8A

Regulations 12 and 12A

1.10

Section 402

Section 150(1A)*

 

 

 

 

Paragraph 2 of Part II of the Schedule

Regulation 10(1A)*

* Section 150(1A) of the 1963 Act and Regulation 10(1A) of the IUR 1996 contain an exemption from preparing group accounts which is similar but not identical to Section 402.
 
Financial statement presentation – Section 3

 

UK References

RoI References

Paragraph

2006 Act and the 2008 Regulations (unless otherwise stated)

1963 Act

1983 Act

1986 Act

1990 Act

GAR 1992

CIR 1992

IUR 1996

3.5 (Footnote 9)

Section 396(5)

 

 

Section 3(1)(d) and (e)

 

Regulation 14(3) and (4)

Regulation 5(1A)(d) and (e) and Regulation 7(7)(d) and (e)

Regulation 5(1A)(d) and (e) and Regulation 10(7)(d) and (e)

 
Statement of Financial Position and Section 5: Statement of Comprehensive Income and Income Statement – Section 4

 

UK References

RoI References

Paragraph

2006 Act and the 2008 Regulations (unless otherwise stated)

1963 Act

1983 Act

1986 Act

1990 Act

GAR 1992

CIR 1992

IUR 1996

4.2, 5.5 and 5.7

Part 1 General Rules and Formats of Schedule 1 to the Regulations

 

 

Part 1 of the Schedule

 

 

 

 

4.2, 5.5 and 5.7

Part 1 General Rules and Formats of Schedule 2 to the Regulations

 

 

 

 

 

Chapter 1 of Part I of the Schedule

 

4.2, 5.5 and 5.7

Part 1 General Rules and Formats of Schedule 3 to the Regulations

 

 

 

 

 

 

Part I of the Schedule

4.2, 5.5 and 5.7

Schedule 6 to the Regulations

 

 

 

 

Regulation 15 (applying the Schedule to the 1986 Act)

Paragraph 1 of Part II of the Schedule (applying Part I of the Schedule)

Paragraph 1 of Part IV of the Schedule (applying Part I of the Schedule)

4.2, 5.5 and 5.7

Schedule 1 and Schedule 3 to the LLP Regulations

There is no equivalent Irish LLP legislation.

 
Statement of Cash Flows – Section 7

 

UK References

RoI References

Paragraph

2006 Act and the 2008 Regulations (unless otherwise stated)

1963 Act

1983 Act

1986 Act

1990 Act

GAR 1992

CIR 1992

IUR 1996

7.20A

Part 1 General Rules and Formats of Schedule 2 to the Regulations

 

 

 

 

 

Chapter 1 of Part I of the Schedule

 

 
Consolidated and Separate Financial Statements – Section 9

 

UK References

RoI References

Paragraph 2006

Act and the 2008 Regulations (unless otherwise stated)

1963 Act

1983 Act

1986 Act

1990 Act

GAR 1992

CIR 1992

IUR 1996

9.3(a) and (b)

Section 400(2)

 

 

 

 

Regulations 8(3) and 9

Regulation 8(3)

Regulation 12(3)

9.3(b)

Section 400(1)(b)

 

 

 

 

Regulations 8(1) and 9

Regulations 8(1), (2) and (6)

Regulations 12(1), (2) and (6)

9.3(c) and (d)

Section 401(2)

 

 

 

 

Regulation 9A(3)

Regulation 8A(3)

Regulation 12A(3)

9.3(d)

Section 401(1)(b)

 

 

 

 

Regulation 9A(1)(b)

Regulation 8A(1)(b)

Regulation 12A(1)(b)

9.3(e)

Section 383

Please refer to the note above in the introduction to this table - Size exemptions from the preparation of group accounts under Irish company law.

9.3(e)

Section 384

Please refer to the note above in the introduction to this table - Size exemptions from the preparation of group accounts under Irish company law.

9.27B

Paragraph 36(4) of Schedule 1 to the Regulations

 

 

Paragraph 22AA of Part IIIA of the Schedule

 

Regulation 15 (applying the Schedule to the 1986 Act)

Paragraphs 46A(4A) and 46A(4B) of Part I and paragraph 1 of Part II of the Schedule

 

 
Transition to this FRS – Section 35

 

UK References

RoI References

Paragraph

2006 Act and the 2008 Regulations (unless otherwise stated)

1963 Act

1983 Act

1986 Act

1990 Act

GAR 1992

CIR 1992

IUR 1996

35.10(m)

Companies Act definition of a dormant company

There is no equivalent definition in Irish company law.

 
The Accounting Council's Advice to the FRC to Issue FRS 102

 

UK References

RoI References

Paragraph

2006 Act and the 2008 Regulations (unless otherwise stated)

1963 Act

1983 Act

1986 Act

1990 Act

GAR 1992

CIR 1992

IUR 1996

36

Section 467(1)

 

 

Sections 2 and 8

 

 

 

 

49

Section 405(3)

 

 

 

 

Regulation 11

Paragraph 2(3) of Part II of the Schedule

Paragraph 2(3) of Part IV of the Schedule

 
Glossary – Appendix I

 

UK References

RoI References

Paragraph

2006 Act and the 2008 Regulations (unless otherwise stated)

1963 Act

1983 Act

1986 Act

1990 Act

GAR 1992

CIR 1992

IUR 1996

'financial institution' and footnote 26

Part IV permission; Section 40(4) of the Financial Services and Markets Act 2000

There is no equivalent legislation in Ireland to the Financial Services and Markets Act 2000. Banks in Ireland are licensed under Section 9 of the Central Bank Act 1971.

'financial institution'

Section 119(1) of the Building Societies Act 1986

Section 2(1) of the Building Societies Act 1989

'financial institution'

Industrial and Provident Societies Act 1965 and Credit Unions Act 1979

Credit Unions Act 1997 to 2012

'financial institution'

Friendly Societies Act 1992; section 7(1)(a) of the Friendly Societies Act 1974

Friendly Societies Acts 1896 to 1977

'individual financial statements'

Section 394

Section 148

 

 

 

 

 

 

'individual financial statements'

Section 132 of the Charities Act 2011

Section 48 of the Charities Act 2009 provides that all charities are to prepare an annual statement of accounts, the form and content of which can be prescribed by Regulations of the Minister. Section 48 is, at the date of publication of this FRS, not commenced and no Regulations regarding the form and content of charities' annual statements of accounts have been published. Charity companies are required to prepare financial statements which give a true and fair view in accordance with the Companies Acts. Sections 148(3) and 150(4) of the 1963 Act require that companies "not trading for the acquisition of gain by the members" must prepare Companies Act accounts (ie not IFRS accounts), and this definition may apply to many Irish charity companies.

'individual financial statements'

Section 72A of the Building Societies Act 1986

Section 77 of the Building Societies Act 1989 requires the preparation of (a) an income and expenditure account giving a true and fair view of its income and expenditure for that year, (b) a balance sheet giving a true and fair view of the state of its affairs as at the end of that year, and (c) a statement of the source and application of funds giving a true and fair view of the manner in which its business has been financed and in which its financial resources have been used during that year.

'LLP Regulations'

The Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 2008 (SI 2008/ 1913)

There is no equivalent Irish LLP legislation

'qualifying entity' (footnote 30)

Section 474(1)

 

 

 

 

Regulation 3(1)

Paragraph 1 of Part IV of the Schedule

 

 
Significant differences between FRS 102 and the IFRS for SMEs – Appendix II

 

UK References

RoI References

Paragraph

2006 Act and the 2008 Regulations (unless otherwise stated)

1963 Act

1983 Act

1986 Act

1990 Act

GAR 1992

CIR 1992

IUR 1996

Section 9

Paragraph 2(2) of Schedule 6 to the Regulations

 

 

 

 

Regulation 26(2)

Paragraph 3(3) of Part II of the Schedule

Paragraph 3(3) of Part IV of the Schedule

Section 9

Paragraph 13(a) of Schedule 1 to the Regulations

 

 

Section 5(c)(i)

 

Regulation 28 (applying Section 5 of the 1986 Act)

Paragraph 19(a) of Part I and paragraph 1 of Part II of the Schedule

Regulation 7(c)(i) and paragraph 13 of Part IV of the Schedule

Sections 14 and 15

Paragraph 27 of Schedule 1 to the Regulations

 

 

Paragraph 14 of Part II of the Schedule

 

Regulation 15 (applying the Schedule to the 1986 Act)

Paragraph 36 of Part I of the Schedule and paragraph 1 of Part II of the Schedule

Paragraphs 7 to 8 of Part II of the Schedule and paragraph 13 of Part IV of the Schedule

Sections 14 and 15

Section C of Schedule 1 to the Regulations

 

 

Part III of the Schedule

 

Regulations (applying the Schedule to the 1986 Act)

Paragraphs 39 to 44 of Part I of the Schedule and paragraph 1 of Part II of the Schedule

Chapter 2 of Part II of the Schedule and paragraph 13 of Part IV of the Schedule

Sections 14 and 15

Paragraph 36 of Schedule 1 to the Regulations

 

 

Paragraphs 22A and 22AA of Part IIIA of the Schedule

 

Regulation 15 (applying the Schedule to the 1986 Act)

Paragraph 46A of Part I and paragraph 1 of Part II of the Schedule

 

 
Note on legal requirements– Appendix IV

 

UK References

RoI References

Paragraph

2006 Act and the 2008 Regulations (unless otherwise stated)

1963 Act

1983 Act

1986 Act

1990 Act

GAR 1992

CIR 1992

IUR 1996

A4.1 (Footnote 34)

Charities Act 2011

Section 48 of the Charities Act 2009 provides that all charities are to prepare an annual statement of accounts, the form and content of which can be prescribed by Regulations of the Minister. Section 48 is, at the date of publication of this FRS, not commenced and no Regulations regarding the form and content of charities' annual statements of accounts have been published. Charity companies are required to prepare financial statements which give a true and fair view in accordance with the Companies Acts. Sections 148(3) and 150(4) of the 1963 Act require that companies "not trading for the acquisition of gain by the members" must prepare Companies Act accounts (ie not IFRS accounts), and this definition may apply to many Irish charity companies.

A4.3

Schedule 1 to the Regulations

 

 

Sections 4, 5 and 6 and the Schedule

 

 

 

 

A4.3

Schedule 2 to the Regulations

 

 

 

 

 

Part I of the Schedule

 

A4.3

Schedule 3 to the Regulations

 

 

 

 

 

 

Regulations 6, 7 and 8 and Parts I, II and III of the Schedule

A4.3

Schedule 6 to the Regulations

 

 

 

 

Regulations 15 to 35 & the Schedule

Part II of the Schedule

Regulations 6, 7, 8 and 10 and Parts I, II and III, as modified by Part IV of the Schedule

A4.6

Section 395(1)

Section 148(2)

 

 

 

 

Regulation 5

Regulation 5

A4.6

Section 396

Section 149

 

Section 3

 

 

Regulation 5

Regulation 5

A4.6

Section 403(2)

Section 150(3)

 

 

 

 

 

 

A4.6

Section 404

Section 150A and 151

 

 

 

Regulation 14

Regulation 7

Regulation 10

A4.7

'Accounts prepared in accordance with FRS 102 are ...required to comply with the applicable provisions of Parts 15 and 16 of the Act and with the Regulations'

Sections 148, 149, 150, 150A, 150C, 151, 152, 153, 156, 161D and 191

 

Sections 3 to 6, 16, 16A and 17 and the Schedule

Sections 41 to 43 and Section 63

Regulations 2 to 35 and the Schedule

Regulations 2, 5, 7, 8, 8A, 9 and 10 and the Schedule

Regulations 2, 5, 6, 7, 8, 10, 11, 12, 12A and 13 and the Schedule

See also Section 33(4) of the Companies (Amendment) (No.2) Act 1999

A4.8

Section 407

Section 150C

 

 

 

 

 

 

A4.12 and A4.12A

Paragraph 36 of Schedule 1 to the Regulations

 

 

Paragraphs 22A and 22AA of Part IIIA of the Schedule

 

Regulation 15 (applying the Schedule to the 1986 Act)

Paragraph 46A of Part I of the Schedule and paragraph 1 of Part II of the Schedule

 

A4.13

Paragraph 36(4) of Schedule 1 to the Regulations

 

 

Paragraph 22AA of Part IIIA of the Schedule

 

Regulation 15 (applying the Schedule to the 1986 Act)

Paragraphs 46A(4A) and 46A(4B) of Part I and paragraph 1 of Part II of the Schedule

 

A4.13

Paragraph 36(3) of Schedule 1 to the Regulations

 

 

Paragraph 22A(3) of Part IIIA of the Schedule

 

Regulation 15 (applying the Schedule to the 1986 Act)

Paragraph 46A(4) of Part I and paragraph 1 of Part II of the Schedule

 

A4.15

Section 434(2)

 

 

Section 19(3A)

 

 

Regulation 6(4)

Regulation 9(4)

A4.15

Section 408

Sections 148(8) and (9)

 

Sections 7(1A) and (1B)

 

 

 

 

A4.16

Section 405(3)

 

 

 

 

Regulation 11

Paragraph 2(3) of Part II of the Schedule

Paragraph 2(3) of Part IV of the Schedule

A4.17

Paragraph 36 of Schedule 1 to the Regulations

 

 

Paragraphs 22A and 22AA of Part IIIA of the Schedule

 

Regulation 15 (applying the Schedule to the 1986 Act)

Paragraph 46A of Part I and paragraph 1 of Part II of the Schedule

 

A4.17

Paragraph 10(2) of Schedule 1 to the Regulations

 

 

Section 6

 

Regulation 28 (applying Section 6 of the 1986 Act)

Paragraph 22 of Part I and paragraph 1 of Part II of the Schedule

Regulation 8

A4.18

Paragraph 9 of Schedule 6 to the Regulations

 

 

 

 

Regulation 19

Paragraph 10 of Part II of the Schedule

Paragraph 9 of Part IV of the Schedule

A4.21

Section 404(5)

 

 

 

 

Regulation 14(3) and (4)

Regulation 7(7)(d) and (e)

Regulation 10(7)(d) and (e)

A4.22 and A4.23

Paragraph 8 of Schedule 1 to the Regulations

 

 

Section 4(11)

 

Regulation 15 (applying Section 4 of the 1986 Act)

Paragraph 5 of Part I and paragraph 1 of Part II of the Schedule

Regulation 6(9) and paragraph 3(1) of Part IV of the Schedule

A4.24

Sections 611-615

There are no corresponding Irish provisions to Sections 611-615 (group reconstruction and merger relief)

A4.25 and A4.27

Paragraph 13(a) of Schedule 1 to the Regulations

 

 

Section 5(c)(i)

 

Regulation 28 (applying Section 5 of the 1986 Act)

Paragraph 19(a) of Part I and paragraph 1 of Part II of the Schedule

Regulation 7(c)(i) and paragraph 13 of Part IV of the Schedule

A4.26

Paragraph 36(4) of Schedule 1 to the Regulations

 

 

Paragraph 22AA of Part IIIA of the Schedule

 

Regulation 15 (applying the Schedule to the 1986 Act)

Paragraphs 46A(4A) and 46A(4B) of Part I and paragraph 1 of Part II of the Schedule

 

A4.26

Paragraph 39 of Schedule 1 to the Regulations

 

 

Paragraph 22CA of Part IIIA of the Schedule

 

Regulation 15 (applying the Schedule to the 1986 Act)

Paragraph 46BA of Part I and paragraph 1 of Part II of the Schedule

 

A4.27

Paragraphs 40 and 40(2) of Schedule 1 to the Regulations

 

 

Sections 22D and 22D(2) of Part IIIA of the Schedule

 

Regulation 15 (applying the Schedule to the 1986 Act)

Paragraphs 46C and 46C(1) of Part I and paragraph 1 of Part II of the Schedule

 

A4.30

Paragraph 10 of Schedule 6 to the Regulations

Sections 62 and 149(5)*

 

 

 

Regulation 21

Paragraph 11 of Part II of the Schedule

Paragraph 10 of Part IV of the Schedule

A4.32

Sections 690 to 708

Section 72

 

 

Part XI

 

 

 

A4.32

Sections 724 to 732

 

Section 43A

 

Section 209

 

 

 

A4.33

Paragraph 36 of Schedule 1 to the Regulations

 

 

Paragraphs 22A and 22AA of Part IIIA of the Schedule

 

Regulation 15 (applying the Schedule to the 1986 Act)

Paragraph 46A of Part I and paragraph 1 of Part II of the Schedule

 

A4.34

Section C of Schedule 1 to the Regulations

 

 

Part III of the Schedule

 

Regulation 15 (applying the Schedule to the 1986 Act)

Section B of Chapter II of Part I of the Schedule and paragraph 1 of Part II of the Schedule

Chapter 2 of Part II of the Schedule

A4.35

Paragraph 24(1) of Schedule 1 to the Regulations

 

 

Paragraph 11(1) of the Schedule

 

Regulation 15 (applying the Schedule to the 1986 Act)

Paragraph 33(1) of Part I of the Schedule and paragraph 1 of Part II of the Schedule

Paragraph 5(2) of Part II of the Schedule and paragraph 13 of Part IV of the Schedule

A4.35

Paragraph 32(5) of Schedule 1 to the Regulations

 

 

Paragraph 19(5) of the Schedule

 

Regulation 15 (applying the Schedule to the 1986 Act)

Paragraph 41(4) of Part I of the Schedule and paragraph 1 of Part II of the Schedule

Paragraph 15(2) of Part II of the Schedule and paragraph 13 of Part IV of the Schedule

A4.38

LLP Regulations

There is no equivalent Irish LLP Regulation.

A4.42

Building Societies Act 1986

Building Societies Act 1989, Part VII, Section 77(1)

A4.42

Charities Act 2011 and Regulations made thereunder

Section 48 of the Charities Act 2009 provides that all charities are to prepare an annual statement of accounts, the form and content of which can be prescribed by Regulations of the Minister. Section 48 is, at the date of publication of this FRS, not commenced and no Regulations regarding the form and content of charities' annual statements of accounts have been published. Charity companies are required to prepare financial statements which give a true and fair view in accordance with the Companies Acts. Sections 148(3) and 150(4) of the 1963 Act require that companies "not trading for the acquisition of gain by the members" must prepare Companies Act accounts (ie not IFRS accounts), and this definition may apply to many Irish charity companies.

A4.42

Friendly and Industrial and Provident Societies Act 1968

Section 30 of Part IV of the Industrial and Provident Societies (Amendment) Act, 1978; Regulation 4 of the Friendly Societies Regulations 1988, pursuant to Section 3 of the Friendly Societies (Amendment) Act 1977

A4.42 and Footnote 36

Friendly Societies Act 1992 and Friendly Societies (Accounts and Related Provisions) Regulations 1994 (as amended)

Regulation 4 of the Friendly Societies Regulations 1988, pursuant to Section 3 to the Friendly Societies (Amendment) Act 1977

A4.42

The Occupational Pension Schemes (Requirement to obtain Audited Accounts and a Statement from the Auditor) Regulations 1996

Section 56 of the Pensions Act 1990; Regulation 5 and paragraphs 1 and 2(a)(ii) of Schedule A of the Occupational Pension Schemes (Disclosure of Information) Regulations 2006.

* Please refer to the note above in the introduction to this table – merger accounting
 
Previous consultations – Appendix V

 

UK References

RoI References

Paragraph

2006 Act and the 2008 Regulations (unless otherwise stated)

1963 Act

1983 Act

1986 Act

1990 Act

GAR 1992

CIR 1992

IUR 1996

A5.11

'small companies' regime'

There are no equivalent provisions in Irish company law to the UK small companies regime or to the Small Companies and Groups (Accounts and Directors' Report) Regulations 2008. Small companies are defined in Section 8 of the 1986 Act. Please refer to the note above in the introduction to this table.

 
AMD 687

Amendment

Appendix VI renumbered to Appendix IV and paragraph A6.1 to A4.1 by Amendments to FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland – Triennial review 2017 – Incremental improvements and clarifications (issued December 2017)

Effective date

01/01/2019

Previous text

Appendix VI – Republic of Ireland (RoI) legal references

A6.1 Appendix IV: Republic of Ireland (RoI) legal references will be updated as appropriate for both the Companies Act 2014 and the Irish legislation implementing the EU Accounting Directive once the latter has been made. This will be made available on the FRC website and included in the next edition of FRS 102.
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