RegulationAccounting StandardsIrish to permit filing using US GAAP

Irish to permit filing using US GAAP

US standards used to help find inward investment

In a surprising twist in the development of accounting standards the
government in the Republic of Ireland is to introduce legislation allowing
companies to file accounts using US GAAP.

The
Irish Times
reports the move is being made for a limited time to
attract inward investment because many investors in the Republic come from the
US.

The move means that three standards – IFRS, Irish and US – could all be in
use at one time.

Details of which companies will be allowed to use US GAAP have so far not
been published.

As an EU state IFRS is enforced for all plcs in the Republic so it remains
unclear just how another set of standards will fit into the Irish regulatory
framework.

The news emerged during questioning of Irish trade minister Mary Coughlan in
parliament.

The move comes at a time when US and international standards are still
working on converging the two sets of rules.

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