Section 309 of the Principal Act is amended—

  1. in subsection (1), by the substitution of “Subject to subsection (1A) and section 310” for “Subject to section 310”, and
  2. by the insertion of the following subsection after subsection (1):
    “(1A) A company that qualifies for the micro companies regime shall be exempt from the requirements of subsection (1).”.

OmniPro Comment

What’s new or different? 

Companies (Accounting) Act 2017:

Section 29 exempts companies that qualify for micro companies regime from the requirement to disclose other arrangements and transactions in which the directors have a material interest under S.309 CA 2014.

Companies Act 2014:

Current Law does not have the micro companies regime instead such micro companies come within the definition of a small company in S.350. Small companies are currently required to make this disclosure in the financial statements.
This disclosure is also required in the abridged financial statements filed with the CRO.


This will be very beneficial to micro entities as these companies will no longer be required to disclose these transactions in the full financial statements which will mean that these will not need to be disclosed in the abridged financial statement filed with the CRO either.