Approval and Signing of Statutory Financial Statements by Board of Directors

Under the previous legislation, the directors (or two directors on behalf of the board of directors) were required to sign the balance sheet and profit and loss account. The Companies Act 2014 has updated this somewhat in that the wording now states that the directors must not approve the financial statements until they are satisfied…...

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Financial Year End

Financial year end Section 287 of the Act outlines that the first financial year of a company, beginning from its date of incorporation, can be no longer than eighteen months. This was also the case under previous legislation however, Section 287 has introduced for the first time into company law, set rules regarding the alternation…...

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Revision of Financial Statements

Where an error is discovered subsequent to a set of financial statements having been filed with the Registrar, a mechanism now exists to have the accounts revised. Whereas previously there was no facility for rectifying the accounts on public record other than a High Court application to have the accounts removed, the Act introduces a…...

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Special auditors report for abridged financial statements

Where a company is availing of the exemption from filing full financial statements and annexing to its annual return abridged financial statements (small or medium), a copy of a special report of the statutory auditors of the company to the directors must accompany the abridged financial statements (Section 356). This special report will contain: •…...

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Directors’ Statement

The abridged financial statements annexed to a company’s annual return must include a statement on the face of the abridged balance sheet by the directors of the company that: They have relied on the specific exemption contained in Section 352 of the Act; and They have done so on the grounds that the company is…...

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Content of medium company abridged financial statements

The abridged financial statements of a medium company should be the same as the full statutory financial statements and therefore should include (at a minimum): Directors’ report; Directors’ responsibility statement; Special auditor’s report; Abridged profit and loss account (see table below for details): Balance sheet; Accounting policies; and Notes to the financial statements   As…...

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Medium Company

The rules around the preparation of medium company abridged financial statements are essentially the same as they were under previous legislation with the exception that additional types of companies can now qualify as ‘medium’ companies. These are outlined in: Exclusions, exemptions and special arrangements.. Under Section 352 and 354, a company that is medium can prepare…...

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Content of small company abridged financial statements

The content required to be included in a small company’s abridged financial statements is set out below: Extract from directors’ report of directors and secretary’s interests’; Directors’ responsibility statement; Special auditor’s report; Abridged balance sheet; Accounting policies (for all items including those in the Profit and Loss account); and Notes that provide certain information (see…...

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Small Companies

As in previous legislation, a small company is permitted to prepare and file abridged financial statements with the Registrar. There are additional companies under the 2014 Act that now can qualify as small and therefore prepare and file abridged financial statements. These are outlined in: Exclusions, exemptions and special arrangements. Under Section 352 and 353,…...

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