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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Exclusions, Exemptions and Special Arrangements with regard to public disclosure of financial information.

Under the Act, the threshold for what constitutes a small company remains the same as it was previously however the threshold for medium sized companies has increased thereby enabling additional companies to avail of the reduced disclosure and filing obligations. In addition, the definition of what can qualify as a small or medium company has…...

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Corresponding Amounts

Paragraph 5 of Schedule 3 requires that, in respect of every item shown in the financial statements, a corresponding amount for the financial year immediately preceding that also be shown. If that corresponding amount is not comparable with the amount shown in the current financial year, the corresponding amount may be adjusted with particulars of…...

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