Irish Collective Asset-Management Vehicles Act 2015


Annual accounts

116. (1) The directors of an ICAV shall prepare accounts for each financial year.

(2) The accounts shall include the following:

(a) a balance sheet or statement of assets and liabilities;

(b) a detailed income and expenditure account for the financial year;

(c) the other information provided for in the Schedule.

(3) The annual accounts shall give a true and fair view of the assets, liabilities and financial position of the ICAV at the end of the financial year and of the profit or loss of the ICAV for the financial year.

(4) The annual accounts may be prepared in accordance with—

(a) generally accepted accounting practice in the State,

(b) international financial reporting standards, or

(c) subject to subsection (5), an alternative body of accounting standards.

(5) To the extent that the use of any alternative body of accounting standards does not contravene any provision of this Part, a true and fair view of the assets and liabilities, financial position and profit or loss of an ICAV may be given by the use by the ICAV of those standards in the preparation of its annual accounts.

(6) In this section “alternative body of accounting standards” means standards that accounts of bodies corporate are to comply with which are laid down by any such body or bodies having authority to lay down standards of that kind in—

(a) the United States of America,

(b) Canada,

(c) Japan, or

(d) any such other country or territory as may be prescribed by regulations made by the Minister,

as may be prescribed by regulations so made.

(7) Before making regulations under subsection (6), the Minister—

(a) shall consult with the Bank, and

(b) may consult any such other persons as he or she considers appropriate.

(8) Separate accounts may be prepared and presented in respect of a sub-fund or sub- funds; and all references to an ICAV be read as, where appropriate, referring to the sub-fund or sub-funds in respect of which the separate accounts are to be prepared.

(9) The requirement for annual accounts prepared in accordance with International Financial Reporting Standards to present fairly the assets, liabilities, financial position, financial performance and cash flow of the ICAV at the end of the financial year is deemed to be equivalent to the true and fair view required to be given by subsection (3) .

(10) If the directors of an ICAV fail to comply with subsection (1), (2) or (3) they commit a category 2 offence.

(11) In this section “international financial reporting standards” means the international financial reporting standards, within the meaning of Regulation (EC) No. 1606/2002 of the European Parliament and of the Council of 19 July 2002 1 adopted from time to time by the Commission of the European Union in accordance with that Regulation.