Ireland: Financial statement reporting; payments to governments by extractive sectors

Ireland: Financial statement reporting

Companies (Accounting) Bill 2016 has been published and, once enacted, would require expanded financial statement reporting by certain groups that have Irish incorporated unlimited companies.

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The bill also would require the reporting of payments made to governments by companies active in the extractive industries and logging sector. 

Unlimited companies would have to file publicly available financial statements--that is, unlimited companies would be required to file financial statements if ultimately, directly or indirectly, the companies have members that are in a form that affords limited liability protection. The bill would also expand the public filing of financial statements of all companies, thereby increasing the existing thresholds for companies regarded as small or medium.

The bill's measures generally would be effective from a date to be specified in a Ministerial Order (which has not yet been made). The effective date for filing financial statements for designated unlimited companies is not yet known. Consequently it is possible that, once enacted, such unlimited companies would be required to file financial statements when filing their next annual return.

The bill is due to be reviewed by the Oireachtas once the Dáil and Seanad resume sessions in the last week of September. As yet, it is not known when precisely the bill will be scheduled for debate.


Read a September 2016 report prepared by the KPMG member firm in Ireland

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