Accounting records are a complete record of a company's income and spending. They contain the information for preparing the company's annual financial statements.

Adequate accounting records are accurate and up-to-date records of all dealings by the company.  They explain:- all the money the company receives and spends; all assets and debts; all purchases and sales; a record of all stock and a record of services provided.  Adequate accounting records allow the company's financial position to be measured with reasonable accuracy at any time.

Every company on the Register of Companies in Ireland must keep adequate accounting records and hold these records for at least six years after the last date of the accounts (Sections 281 and 285 of the Companies Act 2014).

Yes.  It is a criminal offence for a company to fail to keep adequate accounting records.  It is also a criminal offence if a company director fails to take all reasonable steps to make sure that the company keeps adequate accounting records (Section 286 Companies Act 2014).

Members of a company do not have a statutory entitlement to view the accounting records which are the day to day expenses of a company. (Section 284(3) Companies Act 2014).