Companies (Accounting) Act 2017

Amendment of section 325 of Principal Act

41. Section 325 of the Principal Act is amended—

(a) in subsection (1), by the substitution of “Subject to subsection (1A), the directors” for “The directors”,

(b) by the insertion of the following subsection after subsection (1):

“(1A) The directors of a company that—

(a) qualifies for the small companies regime shall not be required to include in the directors’ report, a business review referred to in subsection (1)(b), and

(b) qualifies for the micro companies regime shall be exempt from the requirement to prepare a directors’ report under subsection (1) provided that the information required under section 328 is included as a note or a footnote to the balance sheet”,

(c) in subsection (2)(a), by the substitution of “a relevant private company” for “a large private company”,

(d) in subsection (6), by the substitution of “subsections (1), (1A), (3) or (4)” for “subsection (1), (3) or (4)”, and

(e) in subsection (7), by the substitution of “subsections (1), (1A), (3) and (4)” for “subsections (1), (3) and (4)”.