Newsletter 184 - 1st October 2018
Changes introduced in the Companies (Statutory Audits) Act 2018 mean that audit exemption is now lost for the following two years where an annual return is filed late and not in the current year. Section 363 Companies Act 2014 as amended by section 10 Companies (Statutory Audits) Act 2018.
Section 10 of the 2018 Act was commenced on 21st September 2018 and applies with immediate effect.
RFS - NEW FORMS
Changes have been made to the forms provisions for all areas of the Registry of Friendly Societies (RFS). Changes have been made to the Industrial and Provident Societies forms as well as those for Friendly Societies and Trade Unions. Most changes are to the presentation of the forms.
An application to register a partial/complete amendment of rules of a society must be made by the secretary of the society and must be sent to the Registrar, accompanied by:
(a) a statutory declaration in Form C; and
(b) two copies of the proposed new rulebook (complete) as it has been
altered following the changes. The new rules must be signed by three
members and the secretary (both copies). It is no longer required for
the old registered rules to be submitted.
The option to file certain RFS documents online will be introduced in the coming months and further ezines will issue in relation to this.
RFS - STATUTORY AUDITORS
Following changes introduced in the Companies (Statutory Audits) Act 2018, the citation for the Industrial and Provident Acts is now 1893 to 2018 and the citation for the Friendly Societies Acts is now 1896 to 2018.
Changes that relate to these Acts are set out in Part 3 to the 2018 Act. References to "public auditors" have been replace by "statutory auditors". Section 1441 Companies Act 2014 is repealed.
Please be aware:
- Submission of form G1-H15 does NOT initiate the strike-off process or place the company on a Voluntary Strike-off listing.
- Subsequent to the passing of the resolution stated on form G1- H15, there are further steps to be undertaken before a company can be removed from the register.
- Form H15 (the formal application notice) is required to be submitted together with any other required documents (copy of advertisement, Revenue statement).
See Voluntary Strikeoff webpage:
INVESTMENT COMPANIES ACCOUNTS
Investment companies and UCITS are required to submit financial statements to the CRO following the introduction of changes set out in the Companies (Accounting) Act 2017. Section 1401a Companies Act 2014 and Regulation 42a European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 refer.
The financial statements are required to be filed within 11 months of the financial year end. This financial year refers to any financial year which commenced on or after 1st January 2017.
Form FS1 has a filing fee of €15. The form is available from the CRO Forms webpage. PLEASE NOTE THAT any financial statements attached to a Form FS1 must be in a unbound scannable format and that they will be sent back if they are submitted in booklet format
PAYMENT RECORDS REPORTS
Under changes introduced in the Companies (Accounting) Act 2017, a Report of Payments to Governments is required to be submitted by certain companies under Part 26 Companies Act 2014.
The reports are required to be filed within 11 months of the financial year end. This financial year refers to any financial year which commenced on or after 1st January 2017.
Form PR1 has a filing fee of €15. The form is available from the CRO Forms webpage. Please see Record of Payments webpage for more information.