Companies Act 2014 section 278

Accounting standards generally — power of Minister to specify

Section 278 gives the Minister the power to specify, by regulation, the accounting standards that must be followed when preparing statutory financial statements, and sets out the circumstances in which those regulations do not apply.

• The Minister may make regulations specifying which accounting standards apply to the preparation of statutory financial statements.
• These regulations do not apply where a company is permitted or required to prepare its statutory financial statements under IFRS and chooses to do so.
• The regulations also do not apply where a holding company avails of the transitional provisions allowing the use of US accounting standards under section 279 or other internationally recognised standards under section 280.
• In all other cases, companies must follow the accounting standards specified in the Minister's regulations.