This article is for Irish company directors and business owners who need to prepare and file financial statements with the CRO but aren't sure what's legally required.
If you're wondering what must be included in your financial statements, when they're due, or whether you qualify for small company exemptions and audit relief, this guide covers the complete legal requirements, filing deadlines, and penalties under the Companies Act 2014.
Key Takeaways
• File financial statements within 56 days of your ARD or nine months plus 56 days after year-end, whichever comes first.
• Small companies meeting two of three criteria (€12M turnover, €6M balance sheet, 50 employees) can file abridged statements and claim audit exemption.
• Late filing triggers €100 immediate penalty plus €3 daily thereafter, with maximum €1,200 penalty that's not tax-deductible.
• All financial statements must be uploaded electronically as PDFs through CORE; submissions without attachments are automatically rejected since April 2018.
• Missing the filing deadline results in automatic loss of audit exemption for two years, significantly increasing compliance costs.
Do I need to prepare financial statements if my company hasn't traded yet?
Yes, every Irish company must prepare financial statements for each financial year regardless of whether it has traded or not. This requirement applies from your second annual return onwards, covering the period from incorporation to your first financial year-end.
When is the deadline to file my financial statements with the CRO?
Your financial statements must be filed within 56 days of your Annual Return Date, but there's an additional constraint: they must cover a period ending no more than nine months before your ARD. The actual deadline is whichever comes first - 56 days after your ARD, or nine months plus 56 days after your financial year-end.
Can my small company avoid getting an audit?
Yes, if your company qualifies as small under Section 358, you can file unaudited financial statements and save significant audit fees. To maintain this exemption, you must meet the small company size criteria, not be a financial services entity, and file all annual returns on time - missing deadlines costs you the exemption for two years.
What qualifies my company as "small" for filing purposes?
Your company qualifies as small if it meets two of these three criteria in both the current and previous year: turnover under €12 million, balance sheet total under €6 million, and average employees under 50. Small companies can file abridged financial statements with less detail than full accounts.
What are abridged financial statements and can I file them?
Abridged financial statements contain less information than full accounts - typically excluding the profit and loss account from public filing while keeping the balance sheet and limited notes. If you qualify as a small company, you can file abridged statements with the CRO under Section 352, though you still need to prepare full statements for your company members.
Do I need to file financial statements with my first annual return?
No, your first Annual Return Date falls six months after incorporation and no financial statements are required at that point. Financial statements become mandatory from your second annual return onwards, covering the period from incorporation to your first financial year-end.
Can I file my financial statements on paper or must they be electronic?
All financial statements must be uploaded electronically as PDF files through CORE when filing Form B1. Since April 2018, any B1 received without uploaded financial statements is automatically rejected with no opportunity to correct it.
What happens if I miss the filing deadline?
Late filing triggers immediate penalties starting the day after your 56-day deadline: a €100 penalty from day 57, then €3 daily (capped at €1,200 total), plus you lose your audit exemption for two years. These penalties are not tax-deductible, and the Corporate Enforcement Authority can prosecute directors personally for persistent non-compliance.
Do I also need to file financial statements with Revenue?
Yes, you must file financial statements with Revenue as part of your corporation tax return (Form CT1) within nine months of your financial year-end. Revenue requires most companies to submit these in iXBRL format, which is a machine-readable format that allows automatic data extraction for compliance purposes.
Can I get an extension if I can't meet the filing deadline?
Yes, you can apply to the District Court or High Court under Section 343 for an extension to file your annual return. You must make the application on notice to the CRO with an affidavit explaining why you need more time, and if granted, you must deliver the court order to the CRO within 28 days.
