The Minister for Jobs, Enterprise and Innovation has signed the Transparency (Directive 2004/109/EC) (Amendment) Regulations 2015 (S.I. No. 44 of 2015) which are effective from 9 February 2015.
These Regulations:
- amend Regulation 8 of the Transparency (Directive 2004/109/EC) Regulations 2007 (S.I. No. 277 of 2007) (‘the Regulations’) by substituting “Financial Reporting Council” (‘FRC’) for “Auditing Practices Board” (Regulation 8(4)(a)), “Auditing Practices Board” (regulation 8(4)(b), and “Accounting Standards Board” (Regulation 8(5)(d)(ii)).
These amendments incorporate the changed FRC organisational structures and responsibilities for setting financial reporting and auditing standards for those entities that are subject to the Regulations.
- amend Regulation 43 of the Transparency (Directive 2004/109/EC) Regulations 2007 (S.I. No. 277 of 2007) by inserting a new Regulation 43(3) which permits IAASA to make public in such manner as IAASA considers appropriate, details of:
- an administrative measure taken as a result of an examination of information by IAASA under Regulation 42(2) for the purpose of considering whether such information is in accordance with the relevant reporting framework; and
- an action taken by an issuer or director in response to an administrative measure taken as a result of an examination of information by IAASA under Regulation 42(2) for the purpose of considering whether such information is in accordance with the relevant reporting framework.
This will allow for greater transparency by IAASA in reporting its accounting enforcement activities and, in particular, where infringements of the relevant reporting framework have been identified.
The text of the Transparency (Directive 2004/109/EC) (Amendment) Regulations 2015 (S.I. No. 44 of 2015) may be accessed here.