Ireland · The accounting Schedules
The micro companies regime: Schedule 3B formats, accounting principles, value adjustments and notes
the Companies Act 2014 · Schedule 3B
Where the problem is
The micro regime is the shortest set of statements the Act allows, and companies assume that means there is nothing to check. Subject to the provisions of the Schedule, every balance sheet of a company must show the items listed in the format Schedule 3B paragraph 2(1) prescribes, and the profit and loss account must follow the corresponding prescribed format. A micro company that files a trial balance has not filed financial statements.
Where the Schedule leaves the directors a choice, that choice is a decision they must be able to defend. The method chosen must be one which appears to the directors to be appropriate in the circumstances of the company (Schedule 3B paragraph 30(2)). A method carried over from a previous adviser is not a method the directors have chosen.
What the Companies Act 2014 requires
Schedule 3B sets the formats, accounting principles, value adjustments and notes for a company qualifying for the micro companies regime. The regime is available only to a company that meets the qualifying conditions set under Part 6, and a company that ceases to meet them moves to the small companies regime or to the full Schedule 3 requirements.
Because the micro regime carries the fewest notes, the accuracy of the figures on the face of the statements carries more weight. The accounting records duty in section 281 and the retention duty in section 285 apply in exactly the same terms as for any other company.
The tool that solves it
Files 212 and 213 of the IE-COMPANY package cover this situation. File 212 works through the Schedule 3B formats and accounting principles. File 213 works through value adjustments and the notes, including the basis on which the directors chose each method the Schedule leaves open. Both files first confirm, from the passport, that the company qualifies for the micro companies regime.
This situation is covered by these files from the pack IE-COMPANY
- File 212 · Schedule 3B: the micro companies regime, formats and accounting principles
- File 213 · Schedule 3B: the micro companies regime, value adjustments and the notes
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 and runs inside your own Claude account. It holds 215 working files, the training file, the reference file in four volumes, the regulation analysis, the final review with the gap analysis, and the report assembly. 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 runs in your own 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