194. Section 83 of the Principal Act is amended—

(a) by the insertion of the following definitions:

“ ‘FRS 102’ means the accounting standard entitled ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, issued by the Financial Reporting Council Limited (being a body prescribed under the Companies Act 2014 (Accounting Standards) (Prescribed Body) Regulations 2018 (S.I. No. 84 of 2018));

‘property’, in relation to any political party, and its subsidiary organisations, means all land and buildings (whether situate within or outside the State), owned or controlled by the party or subsidiary organisation concerned —

(a) which supports the political and promotional activities of the political party, its elected members, party officials or party members either within or outside the State,

(b) which benefits, either directly or indirectly, the political party, its elected members, party officials or party members in promoting the policies, aims and objectives of the political party either within or outside the State,

(c) any income derived from which is used to promote, either directly or indirectly, the political party, its elected members or candidates standing for election on behalf of that party, or

(d) which is effectively controlled by the political party, its elected members, party officials or party members, for the benefit of the party;

‘subsidiary organisation’ in relation to any political party, means a body or association (including a body or association that has an office outside the State) which—

(a) forms part of such political party,

(b) is established by or under the constitution of the political party,

(c) is effectively controlled by the political party or the officers thereof, or

(d) has functions conferred on it by or under the constitution of the party.”,

(b) by the substitution of “section 89;” for “section 89.” in the definition of “guidelines”.