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Companies Act 2014 in force for directors’ and statutory financial statements being signed from 1 June 2015

Companies Act 2014 in force for directors’ and statutory financial statements being signed from 1 June 2015

The majority of the Companies Act 2014 commenced and was brought into force, on 1 June 2015.

As well as consolidating much of the content of the various Companies Acts that were introduced from 1963 to 2103, this Act introduces a number of new provisions with the overall intention to simplify the legislative landscape for companies doing business in Ireland… Indeed the key objective in drafting the Companies Act 2014 was to “…seek to promote enterprise, facilitate commerce, simplify the operation of the Companies Acts, enhance corporate governance and encourage commercial probity.”

The Act is now in force for financial statements approved on or after 1 June 2015, with six exceptions. The law in respect of Audit Committees; Directors’ Compliance Statements’; Disclosure of directors’ gains on exercise of share options; Disclosure of payments to connected persons; List of persons who were directors at any time during the financial year; and Statement by directors confirming auditors made aware of all relevant information, rather than commencing on 1 June will commence for accounting periods commencing on or after 1 June 2015.

Finance teams will need to familiarise themselves with and make the many, somewhat detailed, changes so that the directors’ report and statutory financial statements are compliant with the Companies Act 2014. As well as terminology and format changes to the face and changes and additions to the notes to the accounts, directors’ reports, directors’ responsibility statements; and auditors’ reports will also require changing to reflect the various detailed requirements mandated in Companies Act 2014.

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