Companies Act 2014 section 280

Regulations may permit use of other internationally recognised accounting standards for a particular transitional period

Section 280 allows the Minister to make regulations permitting certain holding companies to use internationally recognised accounting standards from other jurisdictions for a limited transitional period when preparing their financial statements.

• The Minister may make regulations allowing specified categories of holding companies to prepare their entity and group financial statements using alternative internationally recognised accounting standards, while still giving a true and fair view.
• The alternative accounting standards must be internationally recognised and must represent the generally accepted accounting principles of a jurisdiction to which the majority of the holding company's subsidiaries have a substantial connection.
• The regulations must specify how many financial years the permission covers, and the latest permitted financial year-end date must be no later than 31 December 2020.
• Any financial statements prepared under these regulations must not contravene any other provision of Part 6 of the Companies Act 2014.