(1) The Principal Act is amended -

(a) in section 4 -

(i) in subsection (1) -

(I) by inserting the following after the definition of "franked investment income":

"'generally accepted accounting practice' means -

(a) in relation to the affairs of a company or other entity that prepares accounts (in this section referred to as 'IAS accounts') in accordance with international accounting standards, generally accepted accounting practice with respect to such accounts;

(b) in any other case, Irish generally accepted accounting practice;",

and

(II) by inserting the following after the definition of "interest":

"'international accounting standards' means the international accounting standards, within the meaning of Regulation (EC) No. 1606/2002 of the European Parliament and the Council of 19 July 2002 on the application of international accounting standards (in this section referred to as 'the Regulation');

'Irish generally accepted accounting practice' means generally accepted accounting practice with respect to accounts (other than IAS accounts) of companies incorporated or formed under the laws of the State, being accounts that are intended to give a true and fair view;",

and