Companies (Accounting) Act 2017

Amendment of section 336 of Principal Act

45. Section 336 of the Principal Act is amended—

(a) in subsection (3)(a), by the substitution of “subject to subsection (3A), whether the statutory financial statements” for “whether the statutory financial statements”,

(b) by the insertion of the following subsection after subsection (3):

“(3A) In the case of the statutory financial statements of a company that qualifies for the micro companies regime, compliance with the minimum requirements of this Act (within the meaning of section 324(11)) in relation to its financial statements is presumed to give a true and fair view as required by subsection (3).”,

(c) in subsection (5), by the substitution of “Subject to subsection (5B), the statutory auditors’ ” for “The statutory auditors’ ”,

(d) by the insertion of the following subsection after subsection (5A):

“(5B) Subsection (5) shall not apply in the case of a company that qualifies for the micro companies regime and has availed itself of the exemption, referred to in section 325(1A), from preparing a directors’ report.”,

and

(e) by the substitution of the following subsection for subsection (8):

“(8) If in the case of any statutory financial statements—

(a) the requirements of any of sections 305 to 312 are not complied with by a company, and

(b) the company is not a company that is entitled to, and has availed itself of, an exemption from providing the information,

the statutory auditors of the company by whom the financial statements are examined shall include in their report, so far as they are reasonably able to do so, a statement giving the required particulars.”.