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ARTICLE · 01 APRIL 2015

Accounting Changes Under The Companies Act 2014

Mason Hayes & Curran LLP
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Perhaps one of the most welcome additions to the new Companies Act 2014 (the "Act") is the extension of audit exemption to groups of companies.

IrelandCorporate/Commercial Law
Paul Egan
Paul Egan
Claire Lord
Claire Lord
David Mangan
David Mangan
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Perhaps one of the most welcome additions to the new Companies Act 2014 (the “Act”) is the extension of audit exemption to groups of companies. In this article, we set out the thresholds for groups looking to avail of these new provisions. More standalone companies should be able to avail of audit exemption as they will only have to satisfy the conditions for the current financial year. The thresholds for a company to qualify as medium sized have been increased which may allow a greater number of companies make less detailed financial information publicly available.

The Act was signed into law in December 2014 and is expected to come into effect from 1 June 2015. It is divided into separate sections and Part 6 deals with matters relating to financial statements, the annual return and audit.  

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