Statutory Financial Statements and Directors' Reports

The requirements to prepare financial statements and a directors’ report are covered in Part 6 of the Companies Act 2014.  This part comprises 23 chapters and, apart from requirements with regard to the preparation of financial statements and directors' reports, also contains provisions regarding the accounting records to be kept and the returns to be made to the Companies Registration Office. Schedules 3 and 4 to the Act contain the accounting principels, form and content of entity financial statements and group financial statemenst respectively.

Technical Release 02_2015_Companies Acts 2014_Financial reporting and related issues_June 2015 has been prepared by members of the Institute’s  Accounting Committee to assist members in identifying some key financial reporting related aspects of Companies Act 2014:

  • Accounting records; 
  • Financial year end;
  • Requirements regarding the preparation of statutory financial statements;
  • Directors’ reports;
  • ‘Companies Act financial statements’ formats and note disclosures;
  • Disclosure of directors’ remuneration;
  • Directors’ and officers’ transactions;
  • Abridged financial statements;
  • Annual return and annual return date;
  • Publication;
  • Voluntary revision of financial statements;
  • Offences.


As regards the financial statements of insurance undertakings and credit institutions, the following statutory instruments revoke and replace the requirements of of S.I. No. 23 of 1996 and S.I. No. 294 of 1992 respectively:


S.I. No. 396 of 1993 (European Communities (Accounts) Regulations 1993) continue in force in so far as the requirements relate to unlimited partnerships.  S.I. No. 224 of 2015 (European Communities (Accounts) (Amendment) Regulations 2015) states that the requirements of S.I. No. 396 of 1993 shall cease to have effect for unlimited companies from 1 June 2015 (the requirements now being included in Part 19 of the Act).

Some relevant section references and links to CHARIOT

Statutory financial statements:

  • Section 289 - requirements that directors do not approve statutory financial statements unless satisfied that they give a true and fair view;
  • Section 290 - obligation to prepare entity financial statements; either ‘Companies Act’ entity financial statements or ‘IFRS’ entity financial statements;
  • Section 291 - ‘Companies Act’ entity financial statements;
  • Section 292 - 'IFRS’ entity financial statements;
  • Section 293 - obligation to prepare group financial statements; either ‘Companies Act’ group financial statements or ‘IFRS’ group financial statements;
  • Section 294 - ‘Companies Act’ group financial statements;
  • Section 295-  ‘IFRS’ group financial statements;
  • Section 324 - Approval and signing of statutory financial statements by board of directors.

Directors’ reports:

  • Sections 325 to 332  – preparation of directors’ reports;
  • S 167(3)  – statement regarding audit committees;
  • S 225(2)  – directors’ compliance statement.


Links to some useful articles



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