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.
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
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.