The Companies Act 2014 came into force on 1 June 2015 and has since then been supplemented and been subject to minor amendments. The Act has now been substantially amended and updated by the Companies (Accounting) Act 2017. Most of the provisions of the 2017 Act come into force on 9 June 2017.

The exception to this relates to the stricter criteria on unlimited companies wishing to qualify for the exemption from having to file financial statements with the Companies Registration Office. The 2017 Act provides that the new criteria will not apply to unlimited holding companies with limited liability subsidiaries until their financial years commencing on or after 1 January 2022. For further details see our briefing here.

Otherwise, the 2017 Act applies in respect of financial years commencing on or after 1 January 2017 although certain companies have the option of preparing their financial statements, for any year which commenced on or after 1 January 2015, under the 2017 Act.