Accounting Records

01. What are Accounting Records?

Accounting records are a complete record of a company's income and spending. They contain the information for preparing the company's annual financial statements.

02. What are Adequate Account Records?

Adequate accounting records are accurate and up-to-date records of all dealings by the company.  They explain:- all the money the company receives and spends; all assets and debts; all purchases and sales; a record of all stock and a record of services provided.  Adequate accounting records allow the company's financial position to be measured with reasonable accuracy at any time.

03. Who Must Keep Adequate Accounting Records?

Every company on the Register of Companies in Ireland must keep adequate accounting records and hold these records for at least six years after the last date of the accounts (Sections 281 and 285 of the Companies Act 2014).

04. Is it an offence not to keep Accounting Records?

Yes.  It is a criminal offence for a company to fail to keep adequate accounting records.  It is also a criminal offence if a company director fails to take all reasonable steps to make sure that the company keeps adequate accounting records (Section 286 Companies Act 2014).

05. Do members have an entitlement to view Accounting Records

Members of a company do not have a statutory entitlement to view the accounting records which are the day to day expenses of a company. (Section 284(3) Companies Act 2014).  

Court Rulings

The Director of Public Prosecutions v Mary Donnelly

Woman pleads guilty to Fraudulent Trading

Acting on the directions of the Director of Public Prosecutions, Gardai from the ODCE this morning arrested a woman and charged her with one count of fraudulent trading contrary to section 297 of the Companies Act 1963 (as amended). The woman was brought before Limerick District Court, where, following evidence of arrest, charge and caution she entered a plea of guilty and was sent forward for sentencing to the next sitting of Limerick Circuit Criminal Court.

Full details of the charge are set out below:

"That you Mary Donnelly, between the 1st day of January 2013 and the 25th day of October 2013, both days inclusive, within the County of Limerick, were knowingly a party to the carrying on of the business of a company Shannonside Audio/Video Limited for a fraudulent purpose namely the dishonest solicitation of payments from Close Invoice Finance Limited trading as Close Brothers Commercial Finance by furnishing false or misleading invoices: Contrary to Section 297 of the Companies Act, 1963 as substituted by Section 137 of the Companies Act, 1990."

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