Preparation of Financial Statements
We can prepare your Financial Statements
Company Law in Ireland requires that directors of companies incorporated in Ireland prepare financial statements for the company in respect of each financial year which give a “true and fair view” of its affairs. Such financial statements are either:
- ‘Companies Act financial statements’, prepared in accordance with the accounting and disclosure requirements of company law and, principally but not exclusively, with the Financial Reporting Standards (FRSs) published by the Financial Reporting Council (FRC) in the UK (‘Irish and UK GAAP’); or
- ‘IFRS financial statements’, prepared in accordance with the International Financial Reporting Standards published by the International Accounting Standards Board (IASB), as adopted by the European Union.
By virtue of the IAS Regulation (Regulation (EC) No.1606/2002), the consolidated financial statements of companies with debt or equity securities listed on a regulated EU market, e.g. the main market of the Irish Stock Exchange, are required to be prepared in accordance with EU adopted IFRS. For other financial statements, sections 290 and 293 of the Companies Act 2014 permit a choice, subject to certain exceptions, as to whether to prepare ‘Companies Act financial statements’ or ‘IFRS financial statements’.
both statutory (limited company) / and non-statutory (sole trader / partnership)