Accounts & Returns

Supervisory Authority

The Supervisory Authority The Irish Auditing and Accounting Supervisory Authority is continued in being by the Companies Act 2014. Its existing board membership was preserved. The Authority consists of nominees of each prescribed accountancy body, whether or not a body corporate; the Director of Corporate Enforcement; the Central Bank; the Irish Stock Exchange; the Revenue Commissioners; and other bodies prescribed as a designated body.… Read the rest

Strike Off for Default

Annual Return Default I The CRO can strike off companies for failure to make annual returns. If a company has failed to make one or more annual returns, the CRO may notify it, that unless all returns are made within one month, the company will be struck.… Read the rest

Small Companies

Small Companies Regime The Companies Act 2017 provides a new financial reporting regime for small companies. Companies which qualify as such may opt into the regime in relation to the preparation of their financial statements and reports.… Read the rest

Revised Accounts

Correction The Companies Act, 2014 provides a new mechanism for the correction of financial statements and/ or the directors’ report. The provisions apply if there is an error or deficiency in the accounts or in the directors’ report laid before the annual general meeting of the company or delivered to the Company Registration Office.… Read the rest

Reporting Process

Approval of Financial Statements I The board of directors is to approve the statutory financial statements provided that its members are satisfied that they give a true and fair view and otherwise comply with this Companies Act or, where applicable, the alternative IAS / IFRS accounting standards.… Read the rest

Reporting Frameworks

Alternative Frameworks Schedule 3 as amended provides for the form of Companies Act financial statement. The form and contents of the balance sheet, profit and loss account and the additional information to be provided by way of notes to the financial statements must comply with either Schedule 3 (other than for small and micro companies) comply with the applicable accounting standards and comply with the other provisions of the Companies Act.… Read the rest

Micro Companies

2017 Act Reforms The 2017 legislation inserted three new schedules into the Companies Act dealing with the content of financial statements and accounting policies. There are two schedules which deal with group financial statements. Schedule 3A provides the accounting principles, form, and content of the financial statements of a company qualifying for the small companies regime. … Read the rest

Group Reporting

Accounting Groups I European Union legislation requires holding companies to prepare and publish group accounts in addition to the own accounts. Group accounts are consolidated group-wide accounts.A “group” includes all group companies in the European Union.… Read the rest

Group Accounting

Group Accounts Where at the end of its financial year a company is a holding company, the directors of the company, as well as preparing entity financial statements for the financial year, shall prepare group financial statements for the holding company and all its subsidiary undertakings for that financial year.… Read the rest

Financial Statements

Overview of Statements Financial statements must be prepared in accordance with the requirements of Schedule 3 and 4 of the Companies Act, or in accordance with International Financial Reporting Standards and the relevant requirements thereunder. The profit and loss account and the balance sheet and their statutorily required notes are the financial statements under the 2014 Act.… Read the rest