Companies Act 2014


F83[Certain companies may apply provisions of Act to certain earlier financial years

277A. (1) Subject to this section, the directors of a company may, before the operative date of the provisions of the Act of 2017 specified in subsection (4) (the "specified provisions of the Act of 2017"), opt to prepare and approve statutory financial statements for the company in accordance with those specified provisions for any financial year which commenced on or after 1 January 2015.

(2) All obligations and rights that arise under this Act consequent on or in respect of financial statements having been approved by directors of a company shall likewise arise in relation to financial statements approved by directors in a case falling within subsection (1).

(3) In determining whether a company or group qualifies as

(a) a medium company under section 280F or 280G, as the case may be,

(b) a small company under section 280A or 280B, as the case may be, or

(c) a micro company under section 280D,

in relation to a financial year to which the specified provisions of the Act of 2017 have effect, the company or group, as may be appropriate shall be treated as having qualified as a medium company, small company or micro company, as the case may be, in any previous year in which it would have so qualified if the qualifying conditions applicable to that company or group, as the case may be, had had effect in relation to that previous year.

(4) Each of the following is a specified provision of the Act of 2017:

(a) section 3;

(b) section 4;

(c) sections 10 to 12;

(d) sections 15 to 25;

(e) paragraphs (a), (b) and (d) of section 26;

(f) sections 29 to 57;

(g) section 59;

(h) sections 62 to 64;

(i) sections 81 and 82;

(j) section 84;

(k) section 88;

(l) section 89.

(5) In this section

"Act of 2017" means the Companies (Accounting) Act 2017;

"operative date" means the date on which the specified provision comes into operation pursuant to an order under section 1(2) of the Act of 2017;

"qualifying conditions" has the same meaning as it has

(a) in relation to a medium company, in section 280F(7) or 280G(10), as the case may be,

(b) in relation to a small company, in section 280A(7) or 280B(10), as the case may be, and

(c) in relation to a micro company, in section 280D(7).]




Inserted (9.06.2017) by Companies (Accounting) Act 2017 (9/2017), s. 14, S.I. No. 246 of 2017, art. 3, subject to transitional provision in art. 4.

Editorial Notes:


The section heading is taken from the amending section in the absence of one included in the amendment.