Revising Financial Statements under the Companies Act 2014

By Simon O’ Connor. 16th June 2016

The Companies Act 2014 has introduced new provisions which allow for the revision of financial statements. Previously not permitted under the Companies Act, directors may now adjust financial statements even if they have already been submitted to the Companies Registration Office (CRO).

The Act has introduced two options which allow for the revision of financial statements, and in some cases director’s report, depending on the error involved.

1. Supplementary Note

A supplementary note can be used in the situation where any revision made will not affect the presentation of the profit and loss account, balance sheet or any other statement

2. Revised Financial Statements or Directors Report

In a situation where the original statements and/or director’s report will be affected, a revised financial statements and/or directors report must be submitted to the CRO. This revised version will then replace the original. A statement must also be included with the revised version, in a prominent position, confirming that the original statements and/or report have been replaced and that the current information is correct to the date of the original report.

The revised financial statements and/or directors reports must be filed with the CRO not more than 28 days after the date of revision. The following set of financial statements that the company files with the CRO must refer to the previous revision and must include the detail of the revision including the reasons why the revision was necessary.

If your company or your client’s company becomes aware of an error in either its financial statements or directors report, this new permission could be the best solution. If you require assistance with filing revised financial statements and/or directors reports with the CRO, please do not hesitate to contact us on 01 646 1625 or email us at and one of our Company Secretarial experts will be happy to assist you.


Disclaimer This article is for guidance purposes only. It does not constitute legal or professional advice. No liability is accepted by Company Bureau for any action taken or not taken in reliance on the information set out in this article. Professional or legal advice should be obtained before taking or refraining from any action as a result of this article. Any and all information is subject to change.