The Minister for Trade and Commerce, Mr Michael Ahern, has announced that publicly traded companies will be able to prepare their annual accounts in accordance with International Accounting Standards (IAS). The decision will come into effect from January 1st 2005.
Mr Ahern said "Such standards will improve transparency and enhance comparability between the accounts of internationally traded companies. This in turn will improve access to the capital markets and enhance investor information and protection."
Welcoming the announcement as "important" and "timely", the President of the Institute of Chartered Accountants in Ireland (ICAI), Terence O'Rourke said "it is no secret that ICAI have been frustrated with the time it has taken to arrive at this decision."
Mr O'Rourke said "The Minister's announcement today moves the spotlight to the Revenue Commissioners who need to set out clearly how they intend dealing with accounts prepared in IAS."
Non-traded companies will also be able to prepare their annual accounts and/or consolidated accounts in accordance with the regulations, which were adopted by the EU in July 2002.