Companies Act 2014

353.

Abridged financial statements for a small company

353. (1) For the purposes of section 352 , the abridged financial statements of a company that qualifies as a small company shall, in the manner set out in this section, be extracted from the statutory financial statements of the company prepared under section 290 .

(2) Where the statutory financial statements of the company are IFRS financial statements, the abridged financial statements shall comprise—

(a) the balance sheet of the company,

(b) those notes to the financial statements that provide the information required by sections 305 to 321 , F178 [ ]

F179 [ (c) any other notes to the financial statements including the notes relating to income statement items applicable to the small or micro company concerned, and ]

F180 [ (d) the statement of changes in equity of the company. ]

(3) Where the statutory financial statements of the company are Companies Act financial statements, the abridged financial statements shall comprise—

(a) the balance sheet of the company,

(b) those notes to the financial statements that provide the information required by sections 305 to 321 ,

F181 [ (c) any other notes to the financial statements, including the notes relating to profit and loss account items applicable to the small or micro company concerned and, in particular, the information required by paragraph 53 of Schedule 3A in the case of a small company, ]

F182 [ (d) the information required by paragraph 48 of Schedule 3A in the case of a small company or paragraph 33 of Schedule 3B in the case of a micro company, even where the company has elected to include it in the profit and loss account, and ]

F183 [ (e) any information provided in accordance with subsections (4), (5) and (6) of section 291 . ]

(4) Section 274(3) (references to balance sheet to include certain notes) does not apply to this section.

Annotations

Amendments:

F178

Deleted (9.06.2017) by Companies (Accounting) Act 2017 (9/2017), s. 52(a)(i), S.I. No. 246 of 2017, art. 3, subject to transitional provision in art. 4.

F179

Substituted (9.06.2017) by Companies (Accounting) Act 2017 (9/2017), s. 52(a)(ii), S.I. No. 246 of 2017, art. 3, subject to transitional provision in art. 4.

F180

Inserted (9.06.2017) by Companies (Accounting) Act 2017 (9/2017), s. 52(a)(iii), S.I. No. 246 of 2017, art. 3, subject to transitional provision in art. 4.

F181

Substituted (9.06.2017) by Companies (Accounting) Act 2017 (9/2017), s. 52(b)(i), S.I. No. 246 of 2017, art. 3, subject to transitional provision in art. 4.

F182

Substituted (9.06.2017) by Companies (Accounting) Act 2017 (9/2017), s. 52(b)(ii), S.I. No. 246 of 2017, art. 3, subject to transitional provision in art. 4.

F183

Inserted (9.06.2017) by Companies (Accounting) Act 2017 (9/2017), s. 52(b)(iii), S.I. No. 246 of 2017, art. 3, subject to transitional provision in art. 4.

Modifications (not altering text):

C77

Subs. (2)(b) applied with modifications and references construed (1.01.2020) by European Union (Qualifying Partnerships: Accounting and Auditing) Regulations 2019 (S.I. No. 597 of 2019), reg. 24, in effect as per reg. 1(2), (3).

Application of section 353 of Principal Act

24. The references in section 353(2)(b) and (3)(b) of the Principal Act to sections 305 to 321 shall, in relation to a qualifying partnership -

(a) be read as excluding sections 305A, 318, 319 and, subject to paragraph (b), section 320 of the Principal Act, and

(b) notwithstanding paragraph (a), where the qualifying partnership concerned holds shares in its holding undertaking, or an interest in such shares, be read as including section 320 of the Principal Act.

C78

References construed (1.06.2015) by Companies Act 2014 (Commencement) Order 2015 (S.I. No. 169 of 2015), art. 5.

5. For the avoidance of doubt, in a case in which financial statements of a company are prepared before the 1st day of June 2015, references in sections 353 and 354 of the Act of 2014 to section 290 of that Act are to be read, by virtue of Schedule 6 to the Act of 2014, as references to the corresponding provision of the prior Companies Acts.