The following section is inserted after section 260 of the Act of 1990:
"Application of section 148 of Principal Act.
(1) Notwithstanding section 148(2) of the Principal Act (inserted by the European Communities (International Financial Reporting Standards and Miscellaneous Amendments) Regulations 2005 (S.I. No. 116 of 2005)) an investment company may, in respect of its individual accounts, opt to prepare those accounts in accordance with both of the following, namely -
(a) an alternative body of accounting standards, and
(b) section 149A of the Principal Act,
as if the references in that section 149A to international financial reporting standards were references to that alternative body of accounting standards.
(2) In the application of subsections (4), (5) and (6) of section 148 of the Principal Act to an investment company which has opted under subsection (1) to prepare its accounts in accordance with an alternative body of accounting standards -
(a) the reference in that