The main purpose of the Companies (Accounting) Act 2017 (the 2017 Act) is to transpose the requirements of the Accounting Directive by amending the Companies Act 2014. The 2017 Act also amends the Transparency (Directive 2004/109/EC) Regulations 2007 (as amended) to provide that issuers whose securities are admitted to trading on a regulated market must have their financial statements audited and their management reports prepared in accordance with the requirements of the Accounting Directive.
The requirements of the Accounting Directive were supplemented by an amending directive on EU non-financial reporting which means that these undertakings must:
These requirements must be complied with by undertakings with respect to their financial years commencing on or after 1 January 2017.
 Directive 2013/34/EU on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings.
 Directive 2014/95/EU amending Directive 2013/34/EU as regards disclosure of non-financial and diversity information by certain large undertakings and groups.
 Large undertakings which are public interest entities and have over 500 employees.