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Companies Act 2014 - Financial Statement Changes


The Companies Act 2014 has introduced some changes to financial statements. These include :


The Directors’ report

The directors’ report must contain a statement for each director that so far as he is aware there is no relevant audit information of which the auditors are unaware and he has done all he can to make himself aware of any relevant audit information and to establish that the auditors are also aware of it.


Revision of Financial Statements

If a company becomes aware of an error in its Financial Statements, they should correct the error and file the corrected documentation with the CRO not more than 28 days after the date of the revision.


Compliance Statements

Directors of large companies (turnover more than €25m and a balance sheet total more than €12.5m) must include a Directors Compliance Statement with the Directors Report setting out details of compliance with relevant obligations. This include tax compliance. Certain companies are exempt from this requirement eg Section 110 Companies.

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