Ireland · The accounting Schedules
Schedule 3: the formats, departures from them, comparative figures and the notes on the formats
the Companies Act 2014 · Schedules 3, 3A and 3B
Where the problem is
The formats are prescribed and the freedom to depart from them is narrow and conditional. Where, in accordance with paragraph 2(1), a company's balance sheet or profit and loss account for a financial year departs from the adopted format, Schedule 3 paragraph 3(1) governs the consequences. A set of statements that follows a group's own house format without meeting the paragraph has not complied with section 272(2).
Comparatives are required item by item, not statement by statement. Subject to paragraph 5(2), in respect of every item shown in the balance sheet, in the profit and loss account, or in the notes, the corresponding figure must be given as Schedule 3 paragraph 5(1) requires. A restated prior year is where most audit adjustments in this area arise.
What the Companies Act 2014 requires
Schedule 3 sets the general rules for the balance sheet and profit and loss formats, the treatment of individual items, the position on set-offs and the notes that attach to each format. Income and interest derived from group undertakings must be shown separately from other income and interest, as Note (10) to the profit and loss account formats requires.
The notes on the balance sheet formats control what may be included under a given heading. Amounts in respect of assets may only be included under the item Note (1) to the balance sheet formats identifies where the condition that note sets is met. Schedules 3A and 3B carry the corresponding formats for the small companies regime and the micro companies regime, so a company must first know which regime it is in.
The tool that solves it
Files 193, 194, 195 and 196 of the IE-COMPANY package cover this situation. File 193 works through the general rules for the formats. File 194 works through departures from the formats and the treatment of individual items. File 195 works through comparative figures, set-offs and the notes on the profit and loss account formats. File 196 works through the notes on the balance sheet formats.
This situation is covered by these files from the pack IE-COMPANY
- File 193 · Schedule 3: general rules for the balance sheet and profit and loss formats
- File 194 · Schedule 3: departures from the formats and the treatment of individual items
- File 195 · Schedule 3: comparative figures, set-offs and the notes on the profit and loss account formats
- File 196 · Schedule 3: the notes on the balance sheet formats
Files for this situation
Free · this situation only
The working files named above cover this situation. You take them from your free ComplianceSME account when this situation arises, and you come back to the site for the next situation.
You take the starter pack first: PRINT_ME_FIRST.pdf, the training file T_TRAIN, the four volumes of the reference file T_HELP, and File 1, which builds the ENTITY_PASSPORT.md that the other files require. The situations open in your account once you have taken the starter pack.
Take the files for this situationThe free system
Free · with a free account
The ComplianceSME system for the Companies Act 2014 is free. It needs a free ComplianceSME account. It is engineered for Claude and runs in a dedicated Claude account. It holds 215 working files. You take the starter pack first, and after that the files for one situation at a time, as each situation arises.
The starter pack holds PRINT_ME_FIRST.pdf, the training file T_TRAIN, the four volumes of the reference file T_HELP, and File 1, which builds the ENTITY_PASSPORT.md that every other working file requires. Print PRINT_ME_FIRST.pdf and read it before any other file.
The system is engineered for Claude and runs in a dedicated Claude account. Upload the files, type START, and the system asks you one question at a time until it has built your documentation, citing the section at every point.
Take the starter packComplianceSME tracks the Companies Act 2014 and issues update files through the membership, so that you are never working from a superseded version. Membership
- Schedule 3: accounting principles, historical cost and fair value
- Schedule 3: the notes to the accounts
- Schedule 4: consolidating the group financial statements
- The small companies regime: Schedules 3A and 4A
- The micro companies regime: Schedule 3B
- Forming a private company limited by shares
- Company names, name changes and misleading trading names
- The registered office, the company seal and delivery of documents to the Registrar
- Issuing shares, calls, lien and financial assistance
- Altering company capital and varying class rights
- Transferring shares, transmission on death and share certificates
- Buying back own shares, treasury shares and cross-holdings
- Paying a dividend and making a bonus issue
- Company registers, the register of members and rights of inspection
- Holding a general meeting: notice, quorum, proxies and voting
- Written resolutions of members and registering resolutions
- Using the Summary Approval Procedure
- Appointing directors and the secretary, and the EEA-resident director rule
- Removing a director, electing a director and paying directors
- Board meetings, written resolutions of directors and the audit committee
- Directors' duties, shadow directors and the compliance statement
- Declaring an interest, loans to directors and substantial transactions
- Notifying interests in shares and debentures and keeping the register
- Company size, the financial year and accounting records