Companies Act 2014 section 277A

Certain companies may apply provisions of Act to certain earlier financial years

Section 277A allows directors to opt in early to the financial reporting provisions introduced by the Companies (Accounting) Act 2017, applying them to financial years beginning on or after 1 January 2015, even before those provisions officially came into force.

• Directors may choose to prepare and approve statutory financial statements under the 2017 Act's provisions for any financial year starting on or after 1 January 2015, even before those provisions formally commenced
• All obligations and rights that normally attach to directors' approval of financial statements under the Companies Act 2014 apply equally to financial statements prepared under this early adoption option
• When determining whether a company qualifies as a micro, small, or medium company for an early-adoption year, it is treated as having qualified in the relevant size category in any prior year where it would have met the thresholds had they been in force at that time
• The early adoption facility covers a wide range of specified sections of the Companies (Accounting) Act 2017, including provisions on company size classification, financial statement formats, disclosure requirements, and related reporting obligations

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