Annual Financial Statements

01. What are Annual Financial Statements?

A company's annual financial statements will comprise of (a) a balance sheet as at the financial year end date, (b) a profit and loss account for the financial year, and (c) any other additional statements and information required by the financial reporting framework adopted in relation to the company.  They must give a true and fair view of the assets, liabilities, financial position and profit or loss of the company as at the financial year end date. (Sections 289 - 296  of Companies 2014).

A company's financial year begins on the day immediately after its previous financial year end and continues for a 12 month period.

02. Are Companies obliged to prepare Annual Financial Statements?

Yes, the directors of a company are required to prepare financial statements for the company in respect of each financial year.  If the company fails to comply with this requirement, the company and any officer of it who is in default will be guilty of a category 2 offence.

03. Have members a right to the Annual Financial Statements?

Yes, every member of the company has a right to receive a copy of the company's statutory financial statements not less than 21 days before the general meeting which they are laid. (Sections 338 & 339 of the Companies Act 2014 refer).

04. Who approves and signs the Financial Statements?

The board of directors approve the statutory financial statements of the company when they are satisfied the financial statements give a true and fair view of the company's financial position and comply with the Companies Act.  

Following approval, two directors will sign the financial statements on behalf of the board of directors. (Section 324 Companies Act 2014 refers).

It should be noted that Section 324(7) states that "every director of the company at the time the statutory financial statement are approved shall be taken to be party to their approval unless he or she shows that he or she took all reasonable steps to prevent their being approved."

05. Is there a requirement for the Financial Statement to be laid before the AGM?

Yes, the directors of a company are required to lay the Statutory Financial Statements for each year before the members at the AGM. The financial statements laid before the AGM should be within 9 months of the financial year end date (Section 341 of the Companies Act 2014).

06. Can a company change its financial year end date?

Yes, subject to compliance with Section 288 of the Companies Act 2014.  Application should be made to the Companies Registration Office (CRO) on the prescribed form - Form B83 link https://www.cro.ie/Publications/Company-Forms

Court Rulings

Theme picker

Feature

Frequently Asked Questions

ODCE encourages the public to visit the extended FAQs (frequently asked questions) section of website for information before contacting the Office.

What's New

Latest News

Man charged with a number of offences arising from an ODCE investigation.

The Office issued a Press Release on the matter.