Companies Act 2014 section 280C

Small companies regime

Section 280C introduces the concept of the "small companies regime", a simplified set of rules for financial statements and reports that applies to companies qualifying as small companies.

• Companies that qualify as small under section 280A or 280B may avail of a simplified reporting framework known as the "small companies regime".
• The regime provides different rules for the preparation of financial statements and reports.
• The simplified rules apply only for financial years in which the company meets the small company qualification criteria.
• The regime is set out in the same Part of the Act and modifies various obligations that would otherwise apply to larger companies.