Changes to Company Accounting to be in Place in Coming Weeks
New legislation will simplify rules on financial statements for SMEs, introduce new category of "micro" company and abolish the filing exemption for certain unlimited company structures

 

Nearly two years after it came into force, amendments are being made to the Companies Act 2014 to bring it into line with new EU accounting rules.

These amendments are set out in the Companies (Accounting) Bill 2016 (the "Bill"), which has now completed all stages in the Oireachtas and should shortly be sent to the President for signing. It is expected that it will be enacted by the end of May, following which a commencement order will be needed to bring the legislation into operation.

It is believed that, for the most part, the new accounting rules will apply for financial years commencing on or after 1 January 2017. However, this will only be confirmed on publication of the commencement order. The Bill allows certain companies to elect to adopt the new accounting provisions for financial years ending before the operative date for those provisions in the legislation.

View our full briefing on the new legislation.

Contributed by Aoife Kavanagh

Key Contacts

Barbara Kenny Partner

Barry Conway Partner

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