The Companies Act No. 17 of 2015Section 634 of The Companies Act No. 17 of 2015: Power of company to change its accounting reference date
(1) A company may, by notice lodged with the Registrar for registration, change its accounting reference date having effect in relation to—
(a) the current accounting reference period of the company and subsequent periods; or
(b) the previous accounting reference period of the company and subsequent periods.
(2) The previous accounting reference period of a company is the one immediately preceding its current accounting reference period.
(3) The notice under subsection (1) is not effective unless it states whether the current or previous accounting reference period—
(a) is to be shortened, so as to come to an end on the first occasion on which the new accounting reference date occurs or occurred after the beginning of the period; or
(b) is to be extended, so as to come to an end on the second occasion on which that date occurs or occurred after the beginning of the period.
(4) A notice extending a company's current or previous accounting reference period is not effective if given less than five years after the end of an earlier accounting reference period of the company that was extended under this section.
(5) The Cabinet Secretary may, in writing, declare that subsection (4) should not apply to a notice that has been lodged or may be lodged by a specified company, in which case that subsection does not apply to the company.
(6) A company may not lodge a notice in respect of a previous accounting reference period if the period for lodging the financial statement for the financial year determined by reference to that accounting reference period has already expired.
(7) An accounting reference period may not be extended so as to exceed eighteen months. A notice under this section is void if the current or previous accounting reference period as extended in accordance with the notice would exceed that limit.
Check the current authoritative text and amendment history before relying on this provision.
(1) The directors of every company shall prepare a financial statement for thecompany for each of financial year of the company. (2) Such a financial statement is referred to in this Part as the compa…
(1) The directors of a company may approve a financial statement for thepurposes of this Division only if they are satisfied that the statement gives a true and fair view of the assets, liabilities an…
(1) The directors of a company shall prepare the company’s individual afinancial statement in accordance with section 638. (2) Subsection (1) is subject to section 645. (3) If the directors of a compa…
(1) In preparing an individual financial statement for a financial year, the directors of a company shall ensure that the statement complies with the requirements of this section. (2) The requirements…
(1) If, at the end of a financial year, a company that is not subject to the smallcompanies regime is a parent company, the directors of the company shall, in addition to preparing an individual finan…
(1) A company that is itself a subsidiary undertaking is exempt from the requirement to prepare a group financial statement in the following cases— (a) if the company is a wholly-owned subsidiary of t…
A parent company is exempt from the requirement to prepare a group financial statement if under section 644 all of its subsidiary undertakings could be excluded from consolidation in a group financial…
(1) If a group financial statement is required to be prepared, the directors of the parent company shall prepare the statement in accordance with section 643. (2) If the directors of the parent compan…
(1) In preparing a group individual financial statement for a financial year, the directors of the parent company concerned shall ensure that the statement complies with the requirements of this secti…
(1) In preparing a group financial statement, the directors of the parent company shall include in the consolidation all of the subsidiary undertakings of the company, subject to the exceptions specif…
(1) The directors of a parent company shall ensure that the individual financialstatements of— (a) the parent company; and (b) each of its subsidiary undertakings, are all prepared using the same fina…
(1) If— (a) a company prepares a group financial statement in accordance with this Act; and (b) the notes to the company's individual balance sheet show the company's profit or loss for the financial…
(1) The regulations may require information about related undertakings to be provided in notes to a company’s annual financial statement. (2) Those regulations— (a) may make different provision accord…
(1) This section applies when the directors of a company are of the opinion that the number of undertakings in respect of which the company is required to disclose information under any provision of r…
(1) If a company is not subject to the small companies regime, the directors of the company shall include in notes to the company’s annual financial statement the following information about the compa…
(1) Except in the case of a company that is subject to the small companies regime, the directors of a company shall include in the notes to the company's individual financial statement details of the…
(1) If a group financial statement is not prepared for a company, the directors of the company shall include in the notes to the company’s individual financial statement details of— (a) advances and c…
(1) As soon as practicable after a company’s annual financial statement hasbeen prepared, the directors shall approve the statement and arrange for one or more of them to sign it. (2) The directors sh…
(1) The directors of a company shall prepare a directors’ report for eachfinancial year of the company. (2) For a financial year in which— (a) the company is a parent company; and (b) the directors of…
(1) The directors shall include in their report for a financial year— (a) the names of the persons who, at any time during the financial year, were directors of the company; and (b) the principal acti…
(1) Unless the company is subject to the small companies regime, the directors shall include in their report a business review that complies with subsection (3), so far as relevant to the company. (2)…
(1) Section 655 does not require the disclosure of information about impendingdevelopments or matters in the course of negotiation if the disclosure would, in the opinion of the directors, detrimental…
(1) This section applies to a company unless— (a) it is exempt for the relevant financial year from the requirements of Part XXVII with respect to the auditing of the company’s financial statement; an…
(1) As soon as practicable after the directors have finished preparing their annual report for the company, they shall approve the report and arrange for one of them or the secretary of the company to…
(1) The directors of a quoted company shall prepare a directors’ remuneration report for each financial year of the company. (2) If subsection (1) is not complied with for a financial year, each perso…
(1) The regulations may prescribe— (a) the information that is required to be included in a directors’ remuneration report; (b) how information is to be set out in the report; and (c) what is to be th…
(1) As soon as practicable after the directors have finished preparing thedirectors’ remuneration report, the directors shall approve the report and shall arrange for one of them or the secretary of t…
(1) Every company shall send a copy of its annual financial statement andreports for each financial year to— (a) every member of the company; (b) every holder of the company’s debentures; and (c) ever…
(1) A private company shall comply with section 662 not later than— (a) the deadline for lodging a financial statement and directors' report with the Registrar; or (b) if earlier— the date on which th…
(1) If a company fails to comply with section 662 or 663, the company, and eachofficer of the company who is in default, commit an offence and on conviction are each liable to a fine not exceeding one…
(1) A company may, in such circumstances as may be prescribed by the regulations for the purposes of this section, send to its members a summary financial statement instead of the copy of the financia…
(1) The company shall send copies of the financial statement and reports to anyperson entitled to receive them in accordance with section 662 and who wishes to receive them. (2) A company that propose…
(1) If a company that is not a quoted company exercises the option to provide a summary financial statement, it shall ensure that the statement— (a) is derived from the company’s annual financial stat…
(1) If a quoted company exercises the option to provide a summary financial statement, it shall ensure that the statement— (a) is derived from the company’s annual financial statement and the director…
(1) If a company fails to comply with a requirement of section 666, 667 or 668,the company, and each officer of the company who is in default, commit an offence and on conviction are each liable to a…
(1) A quoted company shall ensure that its annual financial statement anddirectors’ report— (a) is made available on a website that complies with section 672; and (b) remains available on the website…
(1) If a quoted company prepares a preliminary statement of its annual results in accordance with the requirements of listing rules or comparable requirements of the market on which the company’s equi…
(1) For the purposes of sections 670 and 671, a website complies with this section if it— (a) is maintained by or on behalf of the company; (b) identifies the company; and (c) access to the informatio…
(1) A member, or holder of debentures, of an unquoted company is entitled to be provided, on demand and without charge, with a copy of— (a) the last annual financial statement of the company; (b) the…
(1) A member of, or holder of debentures of, a quoted company is entitled to be provided, on demand and without charge, with a copy of— (a) the company's most recent annual financial statement; (b) th…
(1) A company that publishes a document to which this section applies shall ensure that the document states the name of the person who signed it on behalf of the directors. (2) In the case of an unquo…
(1) When publishing its statutory financial statement, a company shall enclosewith or annex to the statement a copy of the auditor’s report on that financial statement, unless the company is exempt fr…
(1) If a company publishes a non–statutory financial statement, it shall publish with it a statement indicating— (a) that it is not the company's statutory financial statement; (b) whether a statutory…
For the purposes of sections 675, 676 and 677, a company is taken to have published a financial statement or directors’ report if it publishes, issues or circulates it or otherwise makes it available…
(1) The directors of a public company shall present to the members at a generalmeeting of the copies of its annual financial statement and directors’ and other reports. (2) The directors shall comply…
(1) If the requirements of section 679 are not complied with before the end ofthe specified period, every person who immediately before the end of that period was a director of the company commits an…
(1) The directors of a quoted company shall, before the general meeting at which the financial statement is to be presented, give to the members of the company entitled to be sent notice of the meetin…
(1) If the directors of a quoted company fail to comply with section 681(1), eachof the directors who is in default, commit an offence and on conviction are each liable to a fine not exceeding five hu…
(1) The directors of a company shall lodge with the Registrar for each financial year the financial statement and reports required by section 686, 687 or 688.
(1) The deadline for lodging with the Registrar the documents referred to in section 683(1) is— (a) for a private company — nine months after the end of the company's relevant accounting reference per…
