The Gazette 1993

MARCH 1993

GAZETTE

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class, went out of their way to ensure that actions adverse to property rights were criminalised whether or not they were caught by existing statute law. The need for codification of this law arose regularly and the last great codification affecting this jurisdiction occurred with the Larceny Act, 1916. This Act, containing fifty sections, dealt not only with stealing and other forms of larceny but also with related offences of embezzlement, burglary, false pretences and others. This Act itself, even though it set out to simplify the law, has been the subject of much judicial interpretation. Furthermore, because of huge advances in technology and economic activity many acts that might be regarded as dishonest may not be caught by its scope - computer fraud and fraudulent use of credit and automatic teller cards being just two examples. This is, therefore, an urgent need for reforming and updating the law relating to dishonesty. The members of the Law Reform Commission have spent the last five years examining the whole position. Initially, they published a consultation document and have now followed this up with a full report. This report runs to over three hundred and fifty pages. As usual the Commission has thoroughly researched the law both here and in other Common Law jurisdictions such as the United Kingdom, New Zealand and Australia. In one way our own legal inertia has benefited us to the extent that the United Kingdom authorities, beset by the same kind of legal problems as ourselves, enacted the Theft Act as far back as 1968. Despite the fact that there was much discussion and debate, prior to the passing of this Act, as to the best method of proceeding, this Act itself has been analysed and interpreted by numerous judicial decisions since then. It seems to be impossible to get the mixture right, but at least

accounts, acquisitions and mergers, joint ventures, treatment of associates etc. It also contains conveniently arranged appendices including the text of the Seventh Directive, the Group Accounts Regulations and formats and a comparative table of British and Northern Irish legislation. However the book does not attempt an analysis of the legislation or any criticism. It does not, for example, analyse the extent to which the Minister in making the Order introducing the Group Accounts Regulations may have exceeded his authority under the European Communities Act, 1972 by including various amendments to the 1986 Companies Act which, arguably, were not strictly necessary for the implementation of the Directive. This book will be a useful addition to the library of any company lawyer. As legislation takes ever tighter control over the preparation and format of the financial statements of companies, accountants will have to seek legal advice more frequently on these matters. David Beattie Report on the Law Relating to Dishonesty Law Reform Commission, LRC 43 - 1992. 377pp, £20.00, paperback. The Law dealing with dishonesty in Common Law jurisdictions dates back at least to the Assize of Clarendon 1166. Since then there have been different statutes updating the legislation and, of equal importance, many judicial decisions creating and changing the law as different types of dishonesty came into vogue. The judges, coming as they did from the property owning

Guide to the 1992 Group Account Regulations By Kenneth G. Rue, Fodhla Books, Dublin 1992. 167pp. IR£19.95 Softback. This book is welcome in several respects. It represents the entry into textbook publishing of a company more usually associated by practitioners with the secure printing of documents for quoted companies. An addition to the, regrettably, short list of Irish publishers of professional texts is pleasing. The book itself is a comprehensive guide to the changes to group accounting arising as a result of the implementation of the Seventh Company Law Directive and new accounting standards. While the book will primarily be of assistance to practising accountants it deals with a number of issues of interest to lawyers generally. For example, it covers the new concepts of 'parent undertaking' and 'subsidiary undertaking' introduced in order to include undertakings other than bodies corporate in the requirement to prepare group accounts. It also deals with the broader concept of 'actual exercise of control' over undertakings instead of 'power to exercise control' which is now used to determine when consolidation is to occur. The book also reviews developments in accounting for acquisitions and mergers. This is an area which has for years given rise to legal difficulties and will, notwithstanding the new regulations, continue to do so. The book takes a narrative approach, leading the reader from the underlying definitions through chapters dealing with the obligation to prepare group accounts, the form, format and content of group

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