The events in the film take place around the year 2002. (not in the 1980's which is a common misconception). We know this because of modern refernces in the film such as the style of camcorder used by characters in the film.
The film "E.T" was re-issued into theatres in early 2002, which explains why the family are watching the movie in a theatre.
Also on the films official website there is a reference to the film being set in the "modern day".
The film is based on director/producer/writer Jim Sheridan's own life coming to American as a flat broke immigrant.
The film's screenplay was written by Sheridan and his two daughters.
