Fianna Fáil Spokesperson on Finance, Michael McGrath has said the delay in enacting the Companies (Accounting) Bill 2016 is imposing huge additional costs on the accountancy profession and their SME clients.

The Companies (Accounting) Bill 2016 is based on a 2013 European Directive and is designed to reduce red tape and administration for small and micro businesses. Finalised in June 2013, Ireland was given a deadline of July 2015 to enact the provisions of the EU Accounting Directive but has failed to do so thus far.

Commenting on the delay Deputy McGrath said, “It is unacceptable that accountants all over the country and the small and micro businesses they serve have had to wait so long for the provisions of the EU Directive to come into force here. I have been contacted by many accountancy firms in recent weeks and they have explained the very serious impact this delay is having on their business and the clients they serve.

“We hear so often from Government that SMEs are the backbone of our economy. However, the inexplicable delay in transposing this important EU Directive into Irish law is an example of the Government not delivering on its fine rhetoric. In short, the provisions of this Directive when transposed into Irish law will help to simplify the accounting and reporting requirements for small and micro enterprises.

“The Report Stage of this Bill is due to take place in the Dáil on Tuesday 21st March. Once all stages have been passed in the Dáil, the Bill will start its journey through the Seanad. We are calling on the government to do everything possible to enact this Bill without further unnecessary delay. Fianna Fáil will facilitate this in every way we can,” concluded McGrath.