Companies Act 2014 section 353

Abridged financial statements for a small company

Section 353 sets out the rules for how a small company extracts its abridged financial statements from its full statutory financial statements, depending on whether those statements are prepared under IFRS or under the Companies Act.

• Small companies may file abridged financial statements with the CRO instead of their full statutory financial statements, extracting them from the accounts prepared under section 290
• Where the full accounts are IFRS financial statements, the abridged version must include the balance sheet, required disclosure notes (sections 305 to 321), other relevant notes including income statement notes, and the statement of changes in equity
• Where the full accounts are Companies Act financial statements, the abridged version must include the balance sheet, required disclosure notes, profit and loss account notes, creditor maturity information, and any information provided under section 291(4), (5) and (6)
• The rule in section 274(3) — which normally treats certain notes as forming part of the balance sheet — does not apply to the abridged balance sheet filed under this section