Irish Collective Asset-Management Vehicles Act 2015


Basic requirements for accounting records

110. (1) For the purposes of this Part, adequate accounting records are those that are sufficient—

(a) correctly to record and explain the transactions of the ICAV,

(b) to enable at any time the assets, liabilities, financial position and profit or loss of the ICAV to be determined with reasonable accuracy,

(c) to enable the directors to ensure that any balance sheet, profit and loss account or income and expenditure account of the ICAV complies with the requirements of this Act, and

(d) to enable the accounts of the ICAV to be readily and properly audited.

(2) The accounting records shall be kept on a continuous and consistent basis, that is to say, the entries in them shall be made in a timely manner and be consistent from one year to the next.

(3) If accounting records are not kept by making entries in a bound book but by some other means, adequate precautions shall be taken for guarding against falsification and facilitating discovery of falsification should it occur.

(4) Without prejudice to the generality of subsections (1) and (2), accounting records kept pursuant to section 109 shall contain—

(a) entries from day to day of all sums of money received and expended by the ICAV and the matters in respect of which the receipt and expenditure takes place,

(b) a record of the assets and liabilities of the ICAV, and

(c) a record of the services provided by the ICAV and of all the invoices relating to them.

(5) For the purposes of subsections (1) to (4), adequate accounting records shall be deemed to be kept if they comply with those subsections and facilitate the preparation of accounts which show the assets and liabilities of the ICAV.

(6) The adequate accounting records required to be kept by section 109 shall be kept—

(a) either in written form in an official language of the State, or

(b) so as to enable the accounting records to be readily accessible and readily convertible into written form in an official language of the State.