Companies Act 2014 section 279

US accounting standards may, in limited cases, be availed of for particular transitional period

Section 279 allows certain Irish-incorporated holding companies that report to the US Securities and Exchange Commission to use US accounting standards (US GAAP) when preparing their Companies Act financial statements, subject to a transitional deadline and compatibility with Irish law.

• A "relevant holding company" must be SEC-registered (or subject to SEC reporting), incorporated in Ireland before the Companies (Amendment) Act 2017, and must either have had no prior annual return filing obligation before 4 July 2012 or have already been using US GAAP between 23 December 2009 and 4 July 2012 under the Companies (Miscellaneous Provisions) Act 2009.
• US accounting standards (US GAAP) means the standards and interpretations issued by the Financial Accounting Standards Board, the American Institute of Certified Public Accountants, or the Securities and Exchange Commission.
• The permission to use US GAAP applies only to financial years ending on or before 31 December 2030, making this a transitional concession rather than a permanent entitlement.
• US GAAP may be used to give a true and fair view of the company's financial position in both its entity and group financial statements, but only to the extent that doing so does not conflict with any requirement of Part 6 of the Companies Act 2014 — where there is a conflict, Irish law takes priority.

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