IRISH companies, their directors and advisers have been urged to make their views known on the proposed changes to the Companies Act that will come into effect next year, the chairman of the CLRG Dr Tom Courtney has stated.

BUSINESSES could be hit with a €500 million bill to implement changes to the Companies’ Act requiring directors to say they are compliant with every aspect of the law.

The Institute of Chartered Accountants in Ireland (ICAI) has welcomed the proposed increase in company size thresholds governing reporting requirement, which were recommended in the second report of the Company Law Review Group (CLRG).

The Institute of Chartered Accountants in Ireland (ICAI) said yesterday it will continue to argue for a harmonisation of reporting obligations regarding company accounts.