Companies (Accounting) Act 2017

Amendment of section 324 of Principal Act

40. Section 324 of the Principal Act is amended—

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

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

“(1A) 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 in relation to its financial statements shall be presumed to give a true and fair view for the purposes of subsection (1).”,

(c) by the insertion of the following subsection after subsection (4):

“(4A) If the statutory financial statements of a company that qualifies for the small companies regime or the micro companies regime, as the case may be, are prepared in accordance with the small companies regime or the micro companies regime as appropriate, the balance sheet shall contain, in a prominent position above the signature or signatures referred to in subsection (4), a statement that the statutory financial statements concerned have been so prepared in accordance with the small companies regime or the micro companies regime, as may be appropriate.”,

and

(d) by the insertion of the following subsection after subsection (10):

“(11) In this section, 'minimum requirements of this Act', in relation to a company that qualifies for the micro companies regime, means the provisions of this Act with which the company is obliged to comply, having availed of the exemptions to which it is entitled by virtue of qualifying for the micro companies regime.”.