Companies Act 2014 section 373

Effect of revision

Section 373 sets out the legal consequences when directors approve revised financial statements or a revised directors' report, explaining how the revised documents replace the originals for the purposes of the Companies Act.

• Once approved by the directors, revised financial statements replace the original statutory financial statements from the date of approval for all purposes under the Act.
• The revised financial statements become the statutory accounts for the purposes of members' rights to demand copies and publication requirements, and also for circulation, laying before members, and annexing to the annual return — but only where those obligations had not already been fulfilled before the revision date.
• A revised directors' report similarly replaces the original directors' report from its approval date for all purposes under the Act.
• The revised directors' report becomes the relevant report for the purposes of members' rights to demand copies, and also for circulation, laying before members, and annexing to the annual return — again, only where those obligations had not already been met before the revision date.

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