Accounts & Returns

Supervisory Authority

The Irish Auditing and Accounting Supervisory Authority, established under the Companies Act 2014, oversees prescribed accountancy bodies and monitors adherence to professional standards. It grants recognition to such bodies and supervises their disciplinary procedures. The Authority’s governance involves appointment by the Minister, with representation from accountancy bodies and other entities.… Read the rest

Strike Off for Default

If a company fails to submit its annual returns, the Companies Registrations Office (CRO) may initiate striking off procedures. The CRO notifies the company, giving a one-month deadline to file outstanding returns. If the deadline passes without compliance, a notice is published in the Gazette, and the company may be struck off unless sufficient cause is demonstrated.… Read the rest

Small Companies

The Companies Act 2017 introduces a new financial reporting regime tailored for small companies, offering flexibility in reporting standards. Companies qualifying as small may adopt this regime for financial years commencing after January 1, 2017. However, application to earlier periods may be limited due to the legislation’s commencement date.… Read the rest

Revised Accounts

The Companies Act, 2014 has procedures for correcting financial statements and directors’ reports. Errors or deficiencies in accounts or reports presented at the annual general meeting or submitted to the Company Registration Office fall under these provisions.… Read the rest

Reporting Process

The approval of financial statements by the board of directors is a crucial process ensuring compliance with relevant laws. It involves signature requirements based on the number of directors and mandates adherence to standards like IAS / IFRS.… Read the rest

Reporting Frameworks

The regulations regarding financial reporting frameworks encompass both Companies Act standards and International Financial Reporting Standards (IFRS). Medium and large companies must comply with Schedule 3 for entity financial statements, while smaller entities follow Schedule 3A or 3B for small and micro companies, respectively.… Read the rest

Micro Companies

Micro companies, a subset of small companies, may adopt either the small company or micro company regime, excluding entities involved in specific activities such as financial services. The micro company regime, effective from June 9, 2017, allows for simpler financial reporting for qualifying companies.… Read the rest

Group Reporting

European Union legislation requires holding companies to prepare and publish group accounts alongside their own accounts, encompassing all group companies within the EU. A group typically comprises a company and its immediate subsidiary layers, defined more broadly under EU legislation than under standard Companies Act terms.… Read the rest

Group Accounting

Group accounts are mandatory for a company acting as a holding company at the end of its financial year. These accounts should present a consolidated view of the holding company and all its subsidiary undertakings. Group accounts consist of a consolidated balance sheet, profit and loss account, and detailed notes.… Read the rest

Financial Statements

Companies are required to prepare financial statements in compliance with the Companies Act or International Financial Reporting Standards (IFRS). These statements, including the profit and loss account and balance sheet, are derived from the company’s books of account, reflecting its transactions.… Read the rest