Companies (Accounting) Act 2017

In short

This law, the Companies (Accounting) Act 2017, updates the rules for how companies in Ireland must prepare and present their financial statements. It aims to align Irish law with European Union directives on company accounting.

What it regulates

• The preparation of annual financial statements and consolidated financial statements.
• Related reports for certain types of companies.
• Amendments to the Companies Act 2014 concerning accounting practices.
• Repeals and revocations of specific sections of the Principal Act and certain statutory instruments.

Who it concerns

• Companies in Ireland, particularly those subject to the Companies Act 2014.
• Small and micro companies, regarding exemptions from filing certain information.

Key points

• The Act gives further effect to Directive 2013/34/EU of the European Parliament and of the Council.
• It amends numerous sections of the Companies Act 2014, referred to as the "Principal Act."
• It repeals specific sections of the Principal Act, including sections 297, 298, 350, 351, 354, 917, 994, 1214, 1268, and subsection (1) of section 1272.
• It revokes the European Union (International Financial Reporting Standards) Regulations 2012 (S.I. No. 510 of 2012) and the European Union (Traded Companies - Corporate Governance Statements) Regulations 2015 (S.I. No. 423 of 2015).