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Amendment of section 291 of Principal Act
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17. Section 291 of the Principal Act is amended—
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(a) by the substitution of the following subsection for subsection (3):
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“(3) Companies Act entity financial statements shall—
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(a) as to the accounting principles to be applied, the form and content of the balance sheet and profit and loss account and the additional information to be provided by way of notes to the financial statements, comply with—
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(i) in the case of a company that does not qualify for the small companies regime, the provisions of Schedule 3,
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(ii) in the case of a company that qualifies for the small companies regime, the provisions of Schedule 3A or, if the company so elects, the provisions of Schedule 3, or
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(iii) in the case of a small company that qualifies for the micro companies regime, the provisions of Schedule 3B or, if the company so elects, the provisions of either Schedule 3A or Schedule 3,
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(b) comply with applicable accounting standards, and
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(c) comply with the other provisions of this Act.”,
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(b) by the insertion of the following subsection after subsection (3):
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“(3A) Companies Act entity financial statements shall state the following:
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(a) the name and legal form of the company;
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(b) the place of registration of the company and the number under which it is registered;
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(c) the address of its registered office;
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(d) where the company is being wound up, the information required by section 595.”,
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(c) in subsection (4), by the substitution of “Schedule 3 or 3A, as the case may be,” for “Schedule 3”, and
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(d) by the insertion of the following subsection after subsection (6):
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“(6A) In the case of a micro company that elects to adopt the micro company regime, it shall be presumed that compliance with—
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(a) Schedule 3B,
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(b) applicable accounting standards, and
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(c) the other provisions of this Act,
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shall be sufficient to give a true and fair view of the matters referred to in subsection (2), and accordingly, subsections (4), (5) and (6) shall not apply to a company that qualifies for the micro companies regime.”.
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