Companies Act 2014 section 374

Publication of revised financial statements and reports

Section 374 sets out the rules for circulating revised financial statements or a revised directors' report to relevant persons, including the timeframe for doing so and the consequences of failing to comply.

• Where original financial statements or a directors' report have already been circulated and are subsequently revised, the directors must send the revised documents along with the auditors' report to all original recipients within 28 days of the revision date.
• The revised documents and auditors' report must also be sent within 28 days to any company members, debenture holders, or persons entitled to notice of general meetings, even if they did not receive the originals.
• If the revision is made by way of a supplementary note rather than a full replacement, it is the supplementary note and the auditors' report on the revised statements that must be circulated.
• Failure to comply with these circulation requirements is a category 3 offence for each director who approved the revised financial statements or revised directors' report.