Companies Act 2014: Accounting Year Ends and the extension of Audit Exemption

companies_act_2014 The companies Act 2014 has now been signed into law by the president and the expected commencement date has been established as 1 June 2014.  You will no doubt be aware that the introduction of the Act extended the audit exemption to a lot of companies which heretofore had to undertake an audit. After the initial signing of the legislation, it was thought that once financial statements were approved after the commencement order then the audit exemption could be availed of.  However the CCAB is currently in consultation regarding this point, the current thought process is that there is potential for the Act to be commenced for accounting period ending after 1 June 2015 and not financial statements approved after 1 June 2015. Once we receive the final wording we will be able to advise with clarity on the availability of audit exemption for certain companies with year ends between December 2014 and 31 May 2015.

What Questions Do You Have?

We are happy to help. Please post your comment below or call Des McCann, Partner at Cooney Carey, on 01 677 9000. Alternatively, send him an email: dmccann@cooneycarey.ie

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