Applies to: BrightAccountsProduction – Company Templates (Ireland)
Entity Types: CLS (Company Limited by Shares), CLG (Company Limited by Guarantee)
Effective Date: Accounting periods beginning on or after 1 January 2026
Release Version: 2025.12.0 (December 2025)
Overview
BrightAccountsProduction has been updated to reflect the IAASA Compendium of Illustrative Auditor's Reports (October 2025 edition).
These updates align Irish company templates with revised FRS 102 requirements and the Companies Act 2014.
This article explains the changes and how they will appear in your accounts.
What’s Changed
1. Updated Accounting Policy Terminology (FRS 102)
- Regulatory Basis: FRS 102 Amendments
- Effective: Accounting periods beginning on or after 1 January 2026
The terminology used to describe accounting policies has been updated throughout Irish company templates.
| Previous Wording | New Wording |
|---|---|
| Significant accounting policies | Material accounting policy information |
Where you’ll see this change:
- Opinion section of the Independent Auditor’s Report
- Notes to the Financial Statements
Example wording in the Opinion section:
“…including the material accounting policy information set out in note…”
2. Micro Companies – Optional True and Fair View Paragraph (FRS 105)
- Regulatory Basis: FRS 105 & Section 336(3A) of the Companies Act 2014
- Effective: Auditor's reports issued on or after 30 June 2025
For entities preparing accounts under FRS 105 (micro-entities regime), an optional paragraph may now be included in the auditor's report.
New optional wording:
"The financial statements have been prepared under the micro companies' regime which does not require the directors or the auditor to consider the inclusion of any disclosures necessary to give a true and fair view where these go beyond the minimum disclosures required by the Companies Act 2014 as applied to micro companies."
This paragraph appears under Other Matter – application of true and fair view in the Independent Auditor’s Report.
3. Abridged Financial Statements – Special Report Paragraph
- Regulatory Basis: Sections 352 & 353 of the Companies Act 2014
- Effective: Auditor's reports issued on or after 30 June 2025
For small and micro companies availing of the abridgement exemption, the auditor’s report now includes a Special Report paragraph confirming the directors’ entitlement to annex abridged accounts.
New wording:
"In our opinion the directors are entitled under section 352 of the Companies Act 2014 to annex the abridged financial statements to the annual return of [company name] and those abridged financial statements have been properly prepared pursuant to the provisions of section 353 of the Companies Act 2014."
When Do These Changes Apply?
| Change | Applies To |
|---|---|
| Material accounting policy terminology | Accounting periods beginning on or after 1 January 2026 |
| Micro companies true and fair view paragraph | Auditor’s reports issued on or after 30 June 2025 |
| Abridged accounts special report paragraph | Auditor’s reports issued on or after 30 June 2025 |
Important:
The updated wording will automatically appear when creating or opening accounts with an accounting period start date of 1 January 2026 or later.
How to Access the Updated Templates
- Ensure you are using BrightAccountsProduction version 2025.12.0 or later.
- Create a new set of accounts for an Irish company (CLS or CLG).
- Set the accounting period to begin on or after 1 January 2026.
- The updated auditor report wording will populate automatically.
For accounts with earlier period start dates, the previous wording will continue to apply.
Which Templates Are Affected?
- Company Limited by Shares (CLS) – Full accounts
- Company Limited by Shares (CLS) – Abridged accounts
- Company Limited by Guarantee (CLG) – Full accounts
- Company Limited by Guarantee (CLG) – Abridged accounts
Template Version: 1.4 and later
Related Resources
- IAASA Compendium of Illustrative Auditor's Reports
- FRS 102 Amendments – FRC
- Companies Act 2014 – Sections 352, 353