The Companies (Accounting) Bill 2016 – An Overview

The Companies (Accounting) Bill 2016 is scheduled for report stage in the Dáil in March 2017.

The Bill will introduce a regime for small companies and micro companies.

The Small Company Regime

The small company regime will allow companies to apply Section 1A of FRS 102, The Financial Reporting Standard Applicable in the UK and Republic of Ireland, to their financial statements.

The main features of this bill include:


Small Company

Medium Company

Net Turnover



(€8.8m previously)


(€20m previously)

Balance Sheet Total


(€4.4m previously)


(€10m previously)





The Micro Company Regime

The Micro Companies Regime will allow companies to prepare financial statements under FRS 105, The Financial Reporting Standard Applicable to the Micro-Entities Regime.

A company will qualify for the Micro Companies Regime if it meets two out of the following three criteria:             



Net Turnover



Balance Sheet Total





The main features of the Micro Companies Regime are:

It is important to note that until such time as the Bill in enacted and commenced, the existing Companies Act 2014 disclosures apply to all applicable companies (irrespective of size). 

Contact Caitriona Doyle Manger in OSK Audit for further details on the Companies (Accounting) Bill 2016 or in relation to our audit and accounting services or call 01 439 4200.

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