Ringing the changes

The Companies (Accounting) Act 2017 is a substantial piece of legislation that makes many new changes to the Companies Act 2014. Its main purpose is to transpose into Irish law the EU Accounting Directive on annual financial statements, consolidated financial statements, and related reports of certain types of undertakings.

The legislation also amends part 6 of the 2014 act, and the related schedules, to introduce changes to the preparation and governance of financial statements and related reports of companies. This includes the introduction of an optional simplified regime for micro companies, along with more simplified accounting and disclosure requirements for small companies

Other provisions

Aside from these substantive changes affecting a wide range of businesses, the act includes miscellaneous provisions to introduce new legal requirements for certain companies, while amending and clarifying other provisions of the 2014 act to remove anomalies.

Karen Duleavy (corporate knowledge lawyer at Mason Hayes and Curran) notes that companies and their advisers need to understand how these changes affect them. Writing in the Gazette, she outlines the crucial provisions of the legislation, and what they mean for organisations.

• Read the full article in the August/September Gazette

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