Nearly two years after it came into force, amendments are being made to the Companies Act 2014 to bring it into line with new EU accounting rules.
These amendments are set out in the Companies (Accounting) Act 2017 (the “Act”), which has now been signed by the President and is awaiting a commencement order to bring the legislation into operation.
It is believed that, for the most part, the new accounting rules will apply for financial years commencing on or after 1 January 2017. However, this will only be confirmed on publication of the commencement order. The Act allows certain companies to elect to adopt the new accounting provisions for financial years ending before the operative date for those provisions in the legislation.
View our full briefing on the new legislation.
Contributed by Aoife Kavanagh
