Companies Act 2014 section 379

Modifications of Act

Section 379 deals with which version of the law applies when a company revises its financial statements or directors' report, and the law has changed between the date the originals were approved and the date of revision.

• When revising statutory financial statements or a directors' report, the company must apply the rules that were in force when the originals were approved, not any updated rules introduced since then.
• When revising abridged financial statements, the company must apply the rules that were in force when the original abridged statements were approved, even if those rules have since changed.
• Where a medium company filed abridged financial statements under section 354 before that section was repealed by the Companies (Accounting) Act 2017, it may still prepare and file revised abridged financial statements for that financial year as if section 354 had not been repealed.
• The overall principle is that revised financial documents are measured against the legal requirements that applied at the time the originals were produced, ensuring consistency and fairness in the revision process.