Companies (Accounting) Act 2017
A guide to the new requirements for financial reporting and disclosures.
The Companies (Accounting) Act 2017 came into force with effect from the 9th June 2017. The Act applies to financial periods beginning on or after 1 January 2017.
The main purpose of the Act is to transpose Directive 2013/34/EU on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings. The aim of the Directive is to simplify and reduce the administrative burdens associated with the preparation of financial statements for enterprises, in particular SMEs. It also introduces mandatory requirements for large companies, large groups and “public interest entities” that are active in the mining and extractive industries or the logging of primary forests to prepare and file annual reports on payments made to governments.
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