Companies Act 2014

321.

Disclosure of accounting policies

321. (1) A company shall disclose in the notes to its entity financial statements the accounting policies adopted by the company in determining—

(a) the items and amounts to be included in its balance sheet, and

(b) the items and amounts to be included in its profit and loss account.

(2) Where a company prepares group financial statements, the notes to those financial statements shall disclose the accounting policies adopted by the company in determining—

(a) the items and amounts to be included in its consolidated balance sheet, and

(b) the items and amounts to be included in its consolidated profit and loss account.

F128 [ (3) Where a company changes an accounting policy adopted by the company and has disclosed such change in the notes to the entity financial statements or group financial statements, the notes to those financial statements shall also disclose —

(a) the reason for the change in accounting policy, and

(b) to the extent practicable, the impact of the change in accounting policy on the financial statements for the current financial year and on the financial statements of preceding years. ]

Annotations

Amendments:

F128

Inserted (9.06.2017) by Companies (Accounting) Act 2017 (9/2017), s. 37, S.I. No. 246 of 2017, art. 3, subject to transitional provision in art. 4.