Financial Statements

The requirements to prepare financial statements and a directors’ report are covered in Part 6 of the Companies Act 2014.  This part comprises 23 chapters and, apart from requirements with regard to the preparation of financial statements and directors' reports, also contains provisions regarding the accounting records to be kept and the returns to be made to the Companies Registration Office. Schedules 3 and 4 to the Act contain the accounting principels, form and content of entity financial statements and group financial statements respectively.

Technical Release 02/2015 ‘Companies Act 2014 Financial reporting and related issues’has been prepared by members of the Institute’s  Accounting Committee to assist members in identifying some key financial reporting related aspects of Companies Act 2014:

  • Accounting records.
  • Financial year end.
  • Requirements regarding the preparation of statutory financial statements.
  • Directors’ reports.
  • ‘Companies Act financial statements’ formats and note disclosures.
  • Disclosure of directors’ remuneration.
  • Directors’ and officers’ transactions.   
  • Abridged financial statements.
  • Annual return and annual return date.
  • Publication;
  • Voluntary revision of financial statements;
  • Offences.