The Companies (Amendment) Act 2012 was signed into law on 4 July 2012 amending certain provisions of the Companies (Miscellaneous Provisions) Act 2009. The 2009 Act provided that certain qualifying companies (mainly US entities migrating to Ireland) could file accounts prepared under US GAAP instead of Irish GAAP or IFRS.

The exemption provided under the 2009 Act was originally due to expire on 31 December 2015, however the new Act has extended the exemption until 31 December 2020. In addition, the 2009 Act restricted qualifying companies from availing of the restriction to the first four financial years of the relevant qualifying company being incorporated in Ireland. The new Act has removed this four-year restriction.

Contributed by Gavin Lawlor.

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