Section 280E was inserted by Section 15 of the Companies (Accounting) Act 2017 for periods commencing on or after 1 January 2017 or where the Companies (Accounting) Act 2017 has been early adopted (permitted to be early adopted for periods beginning on or after 1 January 2015) then for the period from which the Companies (Accounting) Act 2017 has been early adopted.
Where a company qualifies as a micro company in accordance with section 280D, then, as provided in this Part, different rules may be applied (in this Act referred to as the ‘micro companies regime’) to the company in respect of financial statements and reports for a financial year in relation to which that company so qualifies as a micro company.