Section 279 of the Companies Act 2014 permits Irish-incorporated holding companies whose securities are registered with the Securities and Exchange Commission and who have not previously filed non-US GAAP accounts with the Companies Registration Office in Dublin to prepare their consolidated financial statements using US GAAP.

Section 279 currently applies to financial statements prepared for financial years ending not later than 31 December 2020.

The Department of Jobs, Enterprise and Innovation is currently consulting on extending this period. More details about the consultation can be found here.

The deadline for submissions as part of the consultation is Friday 16th September 2016.