Examination of key impacts of the Act on the statutory financial statements, related reports and audit requirements.
The Companies (Accounting) Act 2017 was signed into law on 17 May 2017, and generally takes effect from 9 June 2017, with some exemptions.
The main purpose of the Act was to transpose the EU Accounting Directive 2013/34/EU into Irish law, amending the Companies Act 2014 to give effect to the provisions in the Accounting Directive relating to the statutory financial statements and related reports of companies.
Among the key benefits are the introduction of an optional, simplified regime for certain micro and small companies, featuring more relaxed disclosure requirements, and there are increased size thresholds for qualification of a company or group as small or medium. However, it also introduces changes to the filing requirements of certain Designated Unlimited Companies, certain external companies with Irish branches, UCITS plc corporates and Part 24 Investment Companies.
We have examined the provisions within the Act and provide guidance notes which outline the key impacts of the Act on the statutory financial statements, related reports and audit requirements of companies that qualify for the Micro and Small company regimes, as well as for Medium & Large companies. We invite you to download the information relevant to you.
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