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. Defects such as missing information or incorrect details can be rectified through supplementary notes or revised statements. Revised statements must accurately reflect the company’s financial status as of the original statement date and be approved by directors.

Supplementary notes or revised statements must address any failures to comply with legislation or accounting standards. Auditors must provide a report on the revised statements, confirming their compliance with reporting frameworks and giving opinions on the accuracy and compliance of the original statements. If audit exemption was initially claimed, it may still apply after revision unless the changes affect eligibility.

Revised financial statements and reports must be circulated to relevant parties within 28 days of revision. Failure to do so constitutes an offence. Copies of revised statements must also be submitted to the Company Registration Office. Small and medium companies availing of abridged accounts must adjust them accordingly in case of revisions, ensuring compliance with statutory requirements. Non-compliance with these obligations carries penalties, applicable even to shadow or de facto directors.

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