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Europe > Ireland > Corporate > General > Article > COMMENCEMENT OF THE COMPANIES ACT 2014


The Companies Act 2014 has now been commenced. The vast majority of the Companies Acts 2014 are effective as of 1 June 2015. There are, however, a very limited number of provisions (mainly relating to the preparations of financial statements) which will not come into effect on 1 June 2015. These provisions are as follows-

Section 167 – the requirement for certain companies to set up audit committees or explain why not;
Section 225 – the requirement for certain companies to include a directors’ compliance statement in the directors’ report;
Section 305(1)(b) – the requirement to include gains on exercise of share options in directors’ remuneration in the financial statements;
 Section 306(1) – the requirement to include amounts paid to connected persons in directors’ remuneration;
Section 326(1)(a) – the requirement to include the names of all directors’ in the directors’ report; and
Section 330 – the requirement to include statement on relevant audit information in the directors’ report.

The requirements set out above will only apply to financial periods commencing on or after 1 June 2015.

Any financial statements approved after 1 June 2015 must comply with the Companies Act 2014. This is the case even where the financial year of the company ends prior to 1 June 2015.

An exception applies to small and medium sized companies where the financial statements of those companies have been signed BEFORE 1 June 2015 but abridged financial statements have not been prepared prior to that date. In those circumstances abridged financial statements can be prepared in accordance with the old Companies Acts.

For further information on this topic please contact Enda Newton or Brid McCoy of the AMOSS Corporate Department.

Last Update: 2015-Jun-10 Enda Newton - AMOSS Solicitors
The contents of this page do not constitute legal advice or create an attorney- client relationship with the contributor. Do not apply anything you read here without contacting a professional.
Author: Enda Newton
Law Firm: AMOSS Solicitors
Address: Warrington House
Mount Street Crescent
Telephone: +35312120400