SI No. 116 of 2005 European Communities(International Financial Reporting Standards and Miscellaneous Amendments) Regulations 2005
Source: Iris Oifigiúl 2005-03-11

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paragraphs: (1) These Regulations may be cited as the European Communities (International Financial Reporting Standards and Miscellaneous Amendments Regulations 2005.
(2) These Regulations are to be read as one with the Companies Acts 1963 to 2003.
Application.
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paragraphs: (1) These Regulations apply to the preparation of annual accounts in the case of a company or undertaking the financial year of which commences on or after 1 January 2005.
(2) In the case of a company or undertaking that prepares its first annual accounts for a period ending after 1 January 2005, it may prepare IFRS accounts (within the meaning of section 2 the Principal Act) even though its date of incorporation or formation, as the case may be, is before 1 January 2005.
Interpretation.
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paragraphs: (1) In these Regulations -
“Credit Institutions Regulations” means the European Communities (Credit Institutions: Accounts) Regulations 1992 ( S.I. No. 294 of 1992 );
“Fair Value Regulations” means the European Communities (Fair Value Accounting Regulations 2004 ( S.I. No. 765 of 2004 );
“Insurance Undertakings Regulations” means the European Communities (Insurance Undertakings: Accounts) Regulations 1996 ( S.I. No. 23 of 1996 );
“Principal Act” means the Companies Act 1963 (No. 33 of 1963).
(2) A word or expression that is used in these Regulations (including provisions inserted by these Regulations into the Principal Act, the Companies (Amendment) Act 1983 (No. 13 of 1983), the Companies (Amendment) Act 1986 (No. 25 of 1986), the Companies Act 1990 (No. 27 of 1990), the Companies (Auditing and Accounting) Act 2003 (No. 44 of 2003), the European Communities (Companies: Group Accounts) Regulations 1992 ( S.I. No. 201 of 1992 ), the Credit Institutions Regulations the European Communities (Accounts) Regulations 1993 ( S.I. No. 396 of 1993 ) or the Insurance Undertakings Regulations) and is also used in Regulation (EC) No. 1606/2002 of the European Parliament and of the Council of 19 July 2002, the Fourth Council Directive 78/660/EEC of 25 July 1978, the Seventh Council Directive 83/349/EEC of 13 June 1983, Council Directive 86/635/EEC of 8 December 1986, Council Directive 91/674/EEC of 19 December 1991 and Directive 2003/51/EC of the European Parliament and of the Council of 18 June 2003 has, unless the contrary is indicated, the same meaning in these Regulations as it has in that Regulation and those Directives.
PART 2
Preparation Of Individual And Group Accounts
Preparation of individual and group accounts.
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paragraphs: The Principal Act is amended by substituting the following for sections 148 to 151 —
“Duty to prepare individual accounts.
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paragraphs: __ (1) The directors of every company shall on a date not later than 18 months after the incorporation of the company and subsequently once at least in every calendar year prepare accounts for the company for each financial year (to be known and in this Act referred to as ‘individual accounts’).
(2) Subject to subsections (3) to (11), a company's individual accounts shall be prepared -
(a) in accordance with section 149 (to be known and in this Act referred to as ‘Companies Act individual accounts’), or
(b) in accordance with international financial reporting standards and section 149A (to be known and in this Act referred to as ‘IFRS individual accounts’).
(3) Companies Act individual accounts shall be prepared by a company-
(a) not trading for the acquisition of gain by the members,
or
(b) to which section 128(4)(c) applies, or
(c) in respect of which an order under section 128(5) is in force.
(4) After the first financial year in which the directors of a company prepare IFRS individual accounts (in this section referred to as ‘the first IFRS year’), all subsequent individual accounts of the company shall be prepared in accordance with international financial reporting standards unless there is a relevant change of circumstances as referred to in subsection (5).
(5) There is a relevant change of circumstances where at any time during or after the first IFRS year -
(a) the company becomes a subsidiary undertaking of another undertaking that does not prepare IFRS individual accounts,
(b) the company ceases to be a company with securities admitted to trading on a regulated market, or
(c) a parent undertaking of the company ceases to be an undertaking with securities admitted to trading on a regulated market.
(6) Where, following a relevant change of circumstances Companies Act individual accounts are prepared, the directors may subsequently prepare IFRS individual accounts for the company and subsections (4) and (5) apply as if that financial year for which such IFRS individual accounts are subsequently prepared was the first IFRS year.
(7) The directors of the company shall lay the individual accounts before the annual general meeting of the company within 9 months of the balance sheet date.
(8) Subsection (7) shall not apply to the profit and loss account or income statement of a company where -
(a) the company is a parent company,
(b) the company prepares group accounts in accordance with section 150, and
(c) the notes to the company's individual balance sheet show the company's profit or loss for the financial year determined in accordance with section 149 or 149A, as appropriate.
(9) Where, in the case of a company, advantage is taken of subsection (8), that fact shall be disclosed -
(a) in the notes on the company's individual accounts, and
(b) in the notes on the group accounts referred to in subsection (8)(b).
(10) For the purposes of this Act unless the contrary intention appears -
(a) a reference to a balance sheet or profit and loss account or income statement shall include any notes thereon or document annexed thereto giving information required by this Act and allowed by this Act to be so given, and
(b) a reference to a profit and loss account shall be read, in the case of a company not trading for profit, as referring to its income and expenditure account, and references to profit or to loss and, if the company has subsidiaries references to a consolidated profit and loss account shall be read accordingly.
(11) Where any person being a director of a company fails to take all reasonable steps to comply with this section, the person is, in respect of each offence, liable on summary conviction to imprisonment for a term not exceeding 6 months or to a fine not exceeding €635 or to both, so, however that -
(a) in any proceedings against a person in respect of an offence under this section, it shall be a defence to prove that the person had reasonable ground to believe and did believe that a competent and reliable person was charged with the duty of seeing that this section was complied with and was in a position to discharge that duty, and
(b) a person shall not be sentenced to imprisonment for such an offence unless, in the opinion of the court dealing with the case, the offence was committed wilfully.
Companies Act individual accounts.
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paragraphs: __ (1) Companies Act individual accounts shall comprise -
(a) a balance sheet as at the last day of the financial year and
(b) a profit and loss account.
(2) The balance sheet shall give a true and fair view of the state of affairs of the company as at the end of the financial year and the profit and loss account shall give a true and fair view of the profit or loss of the company for the financial year.
(3) Companies Act individual accounts shall -
(a) in the case of an undertaking to which the Act of 1986 applies, comply with that Act,
(b) in the case of an undertaking to which the 1993 Regulations apply, comply with those Regulations and the Act of 1986,
(c) in the case of an undertaking to which the Credit Institutions Regulations apply, comply with those Regulations,
(d) in the case of an undertaking to which the Insurance Undertakings Regulations apply, comply with those Regulations, and