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  1. Companies Act 2014 (No. 38)
  2. Part 6 Financial statements, annual return and audit (ss. 272-407)
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Part 6 Financial statements, annual return and audit (ss. 272-407)

Comparing proposed amendment...
Chapter 1 Preliminary (ss. 272-280)
In force
 272. What this Part contains and use of prefixes - "Companies Act" and "IFRS"
In force
 273. Overall limitation on discretions with respect to length of financial year and annual return date
In force
 274. Interpretation (Part 6): provisions relating to financial statements
In force
 275. Interpretation (Part 6): other definitions and construction provisions
In force
 276. Construction of references to realised profits
In force
 277. Construction of references to exemption
In force
 277A. Certain companies may apply provisions of Act to certain earlier financial years
In force
 278. Accounting standards generally - power of Minister to specify
In force
 279. US accounting standards may, in limited cases, be availed of for particular transitional period
In force
 280. Regulations may permit use of other internationally recognised accounting standards for a particular transitional period
Chapter 1A Qualification of company based on size of company (ss. 280A-280H)
In force
 280A. Qualification of company as small company: general
In force
 280B. Qualification of company as small company: holding company
In force
 280C. Small companies regime
In force
 280D. Qualification of company as micro company
In force
 280E. Micro companies regime
In force
 280F. Qualification of company as medium company: general
In force
 280G. Qualification of company as medium company: holding company
In force
 280H. Qualification of company as large company
Chapter 2 Accounting records (ss. 281-286)
In force
 281. Obligation to keep adequate accounting records
In force
 282. Basic requirements for accounting records
In force
 283. Where accounting records are to be kept
In force
 284. Access to accounting records
In force
 285. Retention of accounting records
In force
 286. Accounting records: offences
Chapter 3 Financial year (ss. 287-288)
In force
 287. Financial year end date
In force
 288. Financial year
Chapter 4 Statutory financial statements (ss. 289-296)
In force
 289. Statutory financial statements to give true and fair view
In force
 290. Obligation to prepare entity financial statements under relevant financial reporting framework
In force
 291. Companies Act entity financial statements
In force
 292. IFRS entity financial statements
In force
 293. Obligation to prepare group financial statements under relevant financial reporting framework
In force
 294. Companies Act group financial statements
In force
 295. IFRS group financial statements
In force
 296. Consistency of financial statements
Chapter 5 Group financial statements: exemptions and exclusions (ss. 297-304)
Repealed
 297. Exemption from consolidation: size of group
Repealed
 298. Application of section 297 in certain circumstances and cessation of exemption
In force
 299. Exemption from consolidation: holding company that is subsidiary undertaking of undertaking registered in EEA
In force
 300. Exemption from consolidation: holding company that is subsidiary undertaking of undertaking registered outside EEA
In force
 301. Exemption from consolidation: holding company with all of its subsidiary undertakings excluded from consolidation
In force
 302. Exemption from consolidation where IFRS so permits
In force
 303. Subsidiary undertakings included in the group financial statements
In force
 304. Treatment of entity profit and loss account where group financial statements prepared
Chapter 6 Disclosure of directors' remuneration and transactions (ss. 305-313)
In force
 305. Disclosure of directors' remuneration
In force
 305A. Payments to third parties for services of directors
In force
 306. Supplemental provisions in relation to section 305
In force
 307. Obligation to disclose information about directors' benefits: loans, quasi-loans, credit transactions and guarantees
In force
 308. Supplemental provisions in relation to section 307 (including certain exemptions from its terms)
In force
 309. Other arrangements and transactions in which the directors, etc., have material interest
In force
 310. Credit Institutions: exceptions to disclosure by holding company under sections 307 to 309 in the case of connected persons and certain officers
In force
 311. Credit Institutions: disclosures by holding company of aggregate amounts in respect of connected persons
In force
 312. Credit Institutions: requirement for register, etc., in the case of holding company as respects certain information
In force
 313. Requirements of banking law not prejudiced by sections 307 to 312 and minimum monetary threshold for section 312
Chapter 7 Disclosure required in notes to financial statements of other matters (ss. 314-323)
In force
 314. Information on related undertakings
In force
 315. Information on related undertakings: exemption from disclosures
In force
 316. Information on related undertakings: provision for certain information to be annexed to annual return
In force
 317. Disclosures of particulars of staff
In force
 318. Details of authorised share capital, allotted share capital and movements
In force
 319. Financial assistance for purchase of own shares
In force
 320. Holding of own shares or shares in holding undertaking
In force
 321. Disclosure of accounting policies
In force
 322. Disclosure of remuneration for audit, audit-related and non-audit work
In force
 323. Information on arrangements not included in balance sheet
Chapter 8 Approval of statutory financial statements (s. 324)
In force
 324. Approval and signing of statutory financial statements by board of directors
Chapter 9 Directors' report (ss. 325-332)
In force
 325. Obligation to prepare directors' report for every financial year
In force
 326. Directors' report: general matters
In force
 327. Directors' report: business review
In force
 328. Directors' report: acquisition or disposal of own shares
In force
 329. Directors' report: interests in shares and debentures
In force
 330. Directors' report: statement on relevant audit information
In force
 331. Directors' report: copy to be included of any notice issued under certain banking legislation
In force
 332. Approval and signing of directors' report
Chapter 10 Obligation to have statutory financial statements audited (ss. 333-335)
In force
 333. Statutory financial statements must be audited (unless audit exemption availed of)
In force
 334. Right of members to require audit despite audit exemption otherwise being available
In force
 335. Statement to be included in balance sheet if audit exemption availed of
Chapter 11 Statutory auditors' report (ss. 336-337)
In force
 336. Statutory auditors' report on statutory financial statements
In force
 337. Signature of statutory auditor's report
Chapter 12 Publication of financial statements (ss. 338-341)
In force
 338. Circulation of statutory financial statements
In force
 339. Right to demand copies of financial statements and reports
In force
 340. Requirements in relation to publication of financial statements
In force
 341. Financial statements and reports to be laid before company in general meeting
Chapter 13 Annual return and documents annexed to it (ss. 342-349)
In force
 342. Annual return
In force
 343. Obligation to make annual return
Repealed
 344. Special provision for annual return delivered in a particular form
In force
 345. Annual return date
In force
 346. Alteration of annual return date
In force
 347. Documents to be annexed to annual return: all cases
In force
 348. Documents to be annexed to annual returns: certain cases
In force
 349. First annual return: exception from requirement to annex statutory financial statements
Chapter 14 Exclusions, exemptions and special arrangements with regard to public disclosure of financial information (ss. 350-357)
Repealed
 350. Qualification of company as small or medium company
Repealed
 351. Exemptions in respect of directors' report in the case of small and medium companies
In force
 352. Exemption from filing certain information for small and medium companies
In force
 353. Abridged financial statements for a small company
Repealed
 354. Abridged financial statements for a medium company
In force
 355. Approval and signing of abridged financial statements
In force
 356. Special report of the statutory auditors on abridged financial statements
In force
 357. Subsidiary undertakings exempted from annexing their statutory financial statements to annual return
Chapter 15 Audit exemption (ss. 358-364)
In force
 358. Main conditions for audit exemption - non-group situation
In force
 359. Main conditions for audit exemption - group situation
In force
 360. Audit exemption
In force
 361. Audit exemption not available where notice under section 334 served
In force
 362. Audit exemption not available where company or subsidiary undertaking falls within a certain category
In force
 363. Audit exemption (non-group situation) not available in certain cases
In force
 364. Audit exemption (group situation) not available in certain cases
Chapter 16 Special audit exemption for dormant companies (s. 365)
In force
 365. Dormant company audit exemption
Chapter 17 Revision of defective statutory financial statements (ss. 366-379)
In force
 366. Voluntary revision of defective statutory financial statements
In force
 367. Content of revised financial statements or revised report
In force
 368. Approval and signature of revised financial statements
In force
 369. Approval and signature of revised directors' report
In force
 370. Statutory auditors' report on revised financial statements and revised report
In force
 371. Cases where company has availed itself of audit exemption
In force
 372. Statutory auditors' report on revised directors' report alone
In force
 373. Effect of revision
In force
 374. Publication of revised financial statements and reports
In force
 375. Laying of revised financial statements or a revised report
In force
 376. Delivery of revised financial statements or a revised report
In force
 377. Small and medium companies
In force
 378. Application of this Chapter in cases where audit exemption available, etc.
In force
 379. Modifications of Act
Chapter 18 Appointment of statutory auditors (ss. 380-385)
In force
 380. Statutory auditors - general provisions (including as to the interpretation of provisions providing for auditors' term of office)
In force
 381. Remuneration of statutory auditors
In force
 382. Appointment of statutory auditors - first such appointments and powers of members vis a vis directors
In force
 383. Subsequent appointments of statutory auditors (including provision for automatic reappointment of auditors at annual general meetings)
In force
 384. Appointment of statutory auditors by directors in other cases, etc.
In force
 385. Appointment of statutory auditors: failure to appoint
Chapter 19 Rights, obligations and duties of statutory auditors (ss. 386-393)
In force
 386. Right of access to accounting records
In force
 387. Right to information and explanations concerning company
In force
 388. Right to information and explanations concerning subsidiary undertakings
In force
 389. Offence to make false statements to statutory auditors
In force
 390. Obligation to act with professional integrity
In force
 391. Statutory auditors' report on statutory financial statements
In force
 392. Report to Registrar and to Director: accounting records
In force
 393. Report to Registrar and Director: category 1 and 2 offences
Chapter 20 Removal and resignation of statutory auditors (ss. 394-402)
In force
 394. Removal of statutory auditors: general meeting
In force
 395. Restrictions on removal of statutory auditor
In force
 396. Extended notice requirement in cases of certain appointments, removals, etc., of auditors
In force
 397. Right of statutory auditors to make representations where their removal or non-reappointment proposed
In force
 398. Statutory auditors removed from office: their rights to get notice of, attend and be heard at general meeting
In force
 399. Removal of statutory auditors: statement from statutory auditors where audit exemption availed of by company
In force
 400. Resignation of statutory auditors: general
In force
 401. Resignation of statutory auditor: requisition of general meeting
In force
 402. Resignation of statutory auditors: right to get notice of, attend, and be heard at general meeting
Chapter 21 Notification to Supervisory Authority of certain matters and auditors acting while subject to disqualification order (ss. 403-405)
In force
 403. Duty of auditor to notify Supervisory Authority regarding cessation of office
In force
 404. Duty of company to notify Supervisory Authority of auditor's cessation of office
In force
 405. Prohibition on acting in relation to audit while disqualification order in force
Chapter 22 False statements - offence (s. 406)
In force
 406. False statements in returns, financial statements, etc.
Chapter 23 Transitional (s. 407)
In force
 407. Transitional provision - companies accounting by reference to Sixth Schedule to Act of 1963
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