Companies Act 2014

The Companies Act 2014 was signed on 23 December 2014 and commenced on 1 June 2015. This micro site is intended to bring members’ attention to some of the key aspects of the Act and provide access to information on aspects that may be of particular relevance to accountants and auditors.
Read More on the purpose of this microsite and the background to Companies Act 2014.

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Some key changes

What to do next?

Company types and conversions

As Company secretary/director/advisor you need to consider whether your company needs to convert to change to the new model of private company (LTD) or convert to being a Designated Activity Company (DAC). Find out more about company types and conversions.

Company Types

  • Private Company (LTD)
    A company limited by shares is the new model private limited company.
  • Designated Activity Company (DAC)
    The DAC is the alternative to the LTD and is close to the corporate structure we are familiar with in Ireland. Certain companies may wish to convert to DAC as they have been set up for a specific purpose eg management companies. The differences are summarised here: Table 1: Which company type to choose.PDF
  • Other Types of Companies
    Table 3: Different types of company

Technical releases

As an accountant you need to become familiar with the relevant sections of the new Act. To help with this Chartered Accountants Ireland has prepared some Technical Releases. These focus on Part 6 of the Act; (Financial Statements Annual Returns and Audit).

What is a Chartered Accountants Ireland technical release?

Find out more about our new publications, known as technical releases and technical alerts.

 Chartered Accountants Ireland has issued the following Technical Releases:

2018 Releases

2017 Releases

2016 Releases

2015 Releases





Top five FAQs

  1. When will the accounting and auditing requirements in Part 6 of the Companies Act 2014 come into effect?

    With limited exceptions, by virtue of the Companies Act 2014 (Commencement) Order 2015 (S.I. No. 169 of 2015) all sections of the Act came into operation on 1 June 2015. The abovementioned exceptions are set out in the Companies Act 2014 Commencement. This means that, aside from those exceptions, the requirements of Part 6 in relation to statutory financial statements, statutory audit, audit exemption etc, apply to financial statements and directors’ reports approved on or after 1 June 2015.

    The limited exceptions are commenced with respect to financial years beginning on or after 1 June 2015.

  2. Are there any changes to the requirements relating to statutory financial statements and directors’ reports arising from the commencement of Companies Act 2014?

    While Companies Act 2014 was primarily a consolidation of the provisions of previous Companies Acts, members should note that there are a number of changes to the requirements relating to both statutory financial statements and directors’ reports. Please refer to Technical Release TR 02/2015 - Companies Act 2014 Financial reporting and related issues for details of changes.

  3. Does my company now qualify under the Companies Act 2014 to be exempt from having an audit?

    Where the qualifying conditions and other requirements are met (e.g. timely filing of annual returns), the following types of company can avail of audit exemption: a company limited by shares (‘LTD’); a designated activity company (‘DAC’); a guarantee company (‘CLG’) and A a private unlimited company (‘ULC’).

    In addition, the Companies Act 2014 now provides for companies that are members of groups and dormant companies to avail of audit exemption, subject to certain conditions.

    For details on the audit exemption provisions contained in the Companies Act 2014, please refer to Technical Release TR 06/2015 - Companies Act 2014 Audit Exemption

    You can find more about the audit exemption here.

  4. Under the Companies Act 2014, can my company revise financial statements that are incorrect?

    Yes. An innovation of the Companies Act 2014 is that it permits the revision of defective financial statements. Sections 366 to 379 set out requirements for the preparation, approval, audit and filing of revised financial statements or revised directors’ reports. The CRO sets out the procedures for filing the revised financial statements. Section 4 of Technical Release 05_2015_Companies Acts 2014_Other Reports_June 2015 provides some further information on the voluntary revision of financial statements.

  5. Are there any changes in the Companies Act 2014 relating to reporting on abridged financial statements?

    Please see section 3 of Technical Release TR 03/2015 - Companies Act 2015 Implications for statutory auditor’s reports on statutory financial statements for the changes in reporting on abridged financial statements. These include that where, under previous Companies Acts, two reports were required (under section 18(3) and 18(4) of the 1986 Act), a single report is now required under section 356. Appendix 3 to TR 03/2015 contains an illustrative report on abridged financial statements. Also see here for more information on abridged financial statements.

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