Changes to accounting practices

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…

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Abolition of the non-filing regime – Companies (Accounting) Bill 2016

The Bill proposes to abolish ‘non-filing structures’ in their current form for Irish unlimited companies by expanding the definition of designated ULCs to include additional corporate structures. Section 76 of the Bill expands considerably the definition of ‘designated ULC’ in section 1274 of the Companies Act 2014[1], bringing more unlimited companies within the requirement to…

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Changes in size thresholds – Companies (Accounting) Bill 2016

The Bill provides for an increase in the current size thresholds for small and medium companies together with the introduction of thresholds for a medium group and micro company thresholds. See the existing and new proposed thresholds below: The Bill also provides for a reduction in size criteria for holding companies exempt from preparing consolidated…

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