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ARTICLE · 15 AUGUST 2017

Companies (Accounting) Act 2017

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The Companies (Accounting) Act 2017 came into force on 9 June 2017 in order to bring the Companies Act 2014 into line with the latest EU accounting rules and remedy certain unintended consequences of the CA 2014.

IrelandCorporate/Commercial Law
Walkers
Walkers
Eoin Ryan
Eoin Ryan
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1. Background

The Companies (Accounting) Act 2017 (the "Act") came into force on 9 June 2017 in order to bring the Companies Act 2014 (the "CA 2014") into line with the latest EU accounting rules and remedy certain unintended consequences of the CA 2014. The Act is the most significant piece of companies' legislation in Ireland since the CA 2014. We have set out some of the key changes made by the Act below.

2. New accounting provisions

Micro Small Medium
Turnover €700,000 €12m
(€8.8m)		 €40m
(€20m)
Balance Sheet Total €350,000 €6m
(€4.4m)		 €20m
(€10m)
Employee (Average) 10 50 250

The Act introduced new criteria for companies to qualify as 'small', 'medium' or 'large'. The old thresholds are set out in brackets above.

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