Jobs minister Mary Mitchell O’Connor has declared that the brand new Companies (Accounting) Act 2017 significantly modernises Irish law on corporate transparency.

The act increases reporting requirements for those in extractive mining industries and also obliges some unlimited companies, funds and investment companies to file public financial statements.

The act increases reporting requirements for those in extractive mining industries and also obliges some unlimited companies, funds and investment companies to file public financial statements.

Very small businesses have gained some help under the new law. The minister said that the act, which came into force on 9 June, “modernises the financial reporting obligations on companies and reduces the administrative burden on small and very small companies.

Disclosure

“I believe that this new act will be seen as good regulation that strikes the right balance between proportionate disclosure obligations on the one hand, and the need for meaningful transparency on the other,” he said.

The legislation gives statutory recognition to the micro company. These very small businesses will now be eligible for cost-saving provisions, such as the audit exemption.