Companies Act 2014 section 272

What this Part contains and use of prefixes — "Companies Act" and "IFRS"

Section 272 introduces the scope of Part 6, which deals with corporate accounting records, financial statements, periodic returns to the Registrar, and the auditing of financial statements.

• Part 6 covers the accounting records companies must keep, the financial statements they must prepare, the periodic returns they must file with the Registrar, and the rules on auditing — including the appointment and removal of statutory auditors.
• Financial statements must be prepared either under the Companies Act framework (using the detailed rules in Schedules 3, 3A, 3B, 4 or 4A along with the relevant provisions of Part 6) or under International Financial Reporting Standards (IFRS) together with the relevant provisions of Part 6.
• Where financial statements are prepared under the Schedules and Part 6 rules, they are referred to throughout Part 6 with the prefix "Companies Act"; where they are prepared under IFRS, they carry the prefix "IFRS".
• The Minister may also prescribe accounting standards that apply to "Companies Act" financial statements, providing an additional layer of regulation beyond the Schedules themselves.

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