Companies Act 2017 – Impact on Consolidations and Abridged Accounts

The Companies (Accounting) Act 2017 was signed into law on 9 June 2017 and affects companies filing accounts for periods starting 1 January 2017.  The first wave of companies likely to be affected are companies with years ending 31 December 2017.

Consolidated Accounts

The 2017 Act has now introduced the requirement for holding companies to prepare consolidated financial statements at a lower threshold than was previously required.  While the preparation of consolidated financial statements is recommended to gain a financial understanding of a group as a whole, it will result in higher compliance costs for those companies that are now obliged to prepare and file consolidated financial statements.

The old and new thresholds are set out below. The amounts specified are the combined amounts of the holding company and its subsidiaries.

Companies must meet two out of three of the size criteria in relation to the current and previous financial years i.e. two consecutive years to lose or gain the status.

We are seeing these new limits now bring in Read more

Posted on October 17, 2017 by Paul Leonard

Congratulations to our MD Tony Carey on Black Belt in Kenpo Jujitsu

Last Friday our MD Tony Carey was graded to Black Belt in Kenpo Jujitsu and presented with a real Samurai sword in traditional ceremony.

It’s an impressive achievement, even more so considering the fact that Ireland’ association are the longest group of Kenpo Practitioners in Europe with the least amount of Black Belts as the standard required to achieve black belt is way above the requirements of any other organisation.

We’re proud of your success, Tony. Congratulations!

Posted on September 27, 2017 by Cooney Carey

iXBRL deadlines 2017

The Revenue Commissioners have maintained the deadline of filing iXBRL tagged accounts within three months of the deadline for filing the corporation tax return for those companies that are required to do so in 2017.

If any refunds are due, these will be withheld by the Revenue Commissioners until after the iXBRL tagged accounts have been filed.

Late filing of iXBRL tagged accounts with the Revenue Commissioners may lead to;

  1. A surcharge on top of your tax charge
  2. Restriction of group loss relief which may be available

What questions do you have?

We are happy to help. Please post your comment below or call Nigel Mayberry, Director of Audit Services at Cooney Carey, on 01 677 9000. Alternatively, send him an email: nmayberry@cooneycarey.ie

To keep in touch, connect with our friendly team on LinkedIn.

If you found this article interesting, please share it with other businesses. 

Posted on September 21, 2017 by Nigel Mayberry

← Older Posts