Companies Act 2014 section 921

Excess revenue

Section 921 deals with how the Irish Auditing and Accounting Supervisory Authority must handle any surplus of revenue over expenditure at the end of a financial year.

• Any excess of revenue over expenditure in a financial year must be carried forward and applied to the next year's approved expenditure programme.
• The amounts payable to the Supervisory Authority by the State and prescribed accountancy bodies for the following year must be reduced accordingly to reflect the surplus carried over.
• Money held in, or set aside for, the reserve fund is excluded from the definition of revenue for the purposes of this section.
• The effect is that no surplus accumulates beyond the reserve fund — any other unspent income directly reduces the funding contributions required in the subsequent year.