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Companies (Accounting) Act 2017 - Changes to Company Size Criteria

 The Companies (Accounting) Act 2017 commenced on 9 June 2017. The main purpose of the Act was to transpose into Irish Law the EU Accounting Directive ( EU Directive 2013/34/EU ).

Company Size

The Act amended the size criteria for companies and introduced a new "Micro" company size. For a company to qualify as one of the size categories it must not exceed 2 out of the 3 thresholds. For example, if a company exceeded 2 of the 3 thresholds within the medium category it would be categorised as a large company.

Medium companies will no longer be able to submit abridged financial statements. This means publically available financial information will include more details (eg turnover, profit margins). 

The exemption from preparing consolidated financial statements on the basis of the size of the irish parent company is now limited to Micro Entities and Small Companies. Medium companies will now be required to prepare consolidated financial statements.

The small and micro categories are unavailable to public limited companies or public unlimited companies.

Company Size Criteria under 2017 Act

The average number of employees is determined by applying the methods set out in Section 317 of the Companies Act 2014 which is the section used for determining employee numbers to be stated in a note to the company's financial statements. 


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