(1) Subject to this section, the directors of a company may, before the operative date of the provisions of the Act of 2017 specified in subsection (4) (the 'specified provisions of the Act of 2017'), opt to prepare and approve statutory financial statements for the company in accordance with those specified provisions for any financial year which commenced on or after 1 January 2015.
(2) All obligations and rights that arise under this Act consequent on or in respect of financial statements having been approved by directors of a company shall likewise arise in relation to financial statements approved by directors in a case falling within subsection (1).
(3) In determining whether a company or group qualifies as -
(a) a medium company under section 280F or 280G, as the case may be,
(b) a small company under section 280A or 280B, as the case may be, or
(c) a micro company under section 280D,
in relation to a financial year to which the specified provisions of the Act of 2017 have effec
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