Updated legislation issued for Qualifying Partnerships in Ireland

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By Anne Adrain, Head of Sustainability and Reporting

9 June 2020

Update for members undertaking engagements for Qualifying Partnerships in Ireland

For those members undertaking engagements for Qualifying Partnerships in Ireland, you should be aware that SI No 597 of 2019 European Union (Qualifying Partnerships: Accounting and Auditing) Regulations 2019 has been issued.

These Regulations give effect to the transposed provisions of Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings (the Accounting Directive) in respect of partnerships and limited partnerships where Article 1(1)(b) of that Directive requires it. The Regulations apply in so far as they relate to a qualifying partnership, to the qualifying partnership’s financial years commencing on or after 1st January 2020 and effectively require that qualifying partnerships apply Part 6 and Part 26 of the Companies Act 2014.