The Companies Act 2014 (Commencement) Order 2015 has been signed and is available online here. The Commencement Order confirms that, as expected, the vast majority of the Act will come into operation on 1 June 2015.

However, there are a limited number of provisions mainly related to the preparation of financial statements that will not come into effect on that date, including:

  • The obligation on certain companies to establish an audit committee (or explain why they have not done so)
  • The requirement for certain companies to produce a directors’ compliance statement on an annual basis
  • The requirement for the directors to state in the directors’ report that all relevant audit information has been supplied to the auditors
  • The new rules concerning disclosure of gains made by directors on the exercise of share options

These provisions will come into effect on the first day of a financial year of a company where that financial year begins on or after 1 June 2015.