The Companies (Accounting) Bill 2016 (the Bill) was published on 5 August 2016. The primary purpose of the Bill is to transpose the Accounting Directive 2013, which provides significant simplifications and reductions of administrative burdens with regard to the preparation of financial statements. Once enacted, the Bill will amend and supplement the Companies Act 2014 in a number of aspects.
The Bill also proposes to amend the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (UCITS Regulations) and the European Union (Alternative Investment Fund Managers) Regulations 2013 (AIFMD Regulations) as follows:
The Bill is expected to move through the legislative process now that the Dáil and Seanad have resumed sittings following the summer recess.