The Companies Act 2014 sets out the requirements for companies of all sizes in relation to the preparation and filing of financial statements that are filed as part of the annual return with the Companies Registration Office. These are derived from the harmonised EU rules for accounting in the Accounting Directive 2013/34/EU and are proportionate in line with better regulation principles.
A company that is registered under the Companies Act 2014 that qualifies as a small company or group or micro company may benefit from certain exemptions and simplifications in the preparation of annual financial statements compared to a medium or large company. A company qualifies as small company or group if it satisfies two of the following three conditions: a balance sheet total not exceeding €6m; turnover not exceeding €12m; Employees 50. A company qualifies as a micro company if it satisfies two of the following three conditions: a balance sheet total not exceeding €350,000; turnover not exceeding €700,000; Employees 10.
Whether a company registered under the Companies Act 2014 can avail of these reduced reporting requirements will depend, in the first instance, on its size in accordance with the thresholds.
I trust this answers the Deputies question and further detailed information is available on the Companies Registration Office website.