Other features include
• More companies with subsidiaries will be required to produce group financial statements as the exemption on the grounds of size is to be confined to micro and small companies;
• Medium size companies are to be required to file the full shareholders’ financial statement without any abridgement;
• The scope for unlimited companies to avoid filing financial statements is much reduced. The Bill amends certain definitions in this regard and refers to unlimited companies where the “ultimate beneficial owners enjoy the protection of limited liability”;
• Investment companies (including certain UCITS investment companies formed under the Companies Act) will be required to file annually their directors’ report and financial statements with the CRO; and
• large companies, groups and PIEs active in the mining, extractive and logging industries to the CRO reports of payments to Governments annually – new Part 26 of the Companies Act 2014.