As well as those mentioned above, the Bill also provides for some technical changes to the Companies Act 2014.
The Bill includes small changes to the existing Schedule 3 of Companies Act 2014 which deals with the accounting principles, format and content of financial statements. Examples of changes include: no need for a comparative fixed asset note, accrued income to be disclosed separately in the notes, wording in the profit and loss account is to exclude the words ‘on ordinary activities’.
The Bill also provides for the ability to apply the IFRS formats to profit and loss accounts and balance sheets. Profit and loss accounts may be referred to as ‘income and expenditure accounts’ if applicable.
In the consolidated financial statements where exemption is claimed regarding disclosure of the parent entity profit and loss account, the profit/loss must be disclosed in the face of the entity balance sheet (currently disclosed in the notes).
Where the first annual return is late the company is not excluded from claiming audit exemption. This is currently only permitted by concession by the CRO.
The Bill proposes that the Irish Auditing and Accounting Supervisory Authority (IAASA) shall be allowed to attach terms and conditions to an authorisation of certain categories of liquidator.
The Bill also proposes to obligate auditors to report on the corporate governance statement to ensure information is consistent, whether material misstatements have been noted, and that the report complies with the requirements of the Act.
The Bill proposes to insert a new Part 26 ‘Payments to Governments’, containing the Directive’s requirements with regard to preparing and filing with the CRO, by large companies, large groups and public interest entities active in the mining and extractive industries, annual reports on payments made to governments.