Bill to simplify setting up co-ops and update financial reporting rules

FARM co-ops will be easier to set up and will enjoy more relevant financial reporting obligations thanks to legislation to be promoted by Enterprise Minister Richard Bruton.

He has secured government approval for his planned draft legislation, which should ease the regulatory burden on co-operative societies and make it easier to start up and run a co-op as an alternative form of enterprise organisation.

The Irish Dairy Board and the Irish Co-operative Organisation Society has been pushing for this regulatory relaxation since last July, notably requesting greater freedom to determine their financial year end.