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ICAEW publication on the financial reporting implications of Brexit

  • IFRS - ICAEW Image

Sep 29, 2017

In September 2017, the Institute of Chartered Accountants in England and Wales (ICAEW) published "Brexit: implications for financial reporting" as the ICAEW believes that the impact that Brexit will have on the UK’s financial reporting infrastructure and the related international ramifications have not yet been given sufficient attention.

The report addresses some of the key financial reporting issues the UK will face post-Brexit. It also offers 16 recommendations aimed at policymakers and their constituents in response to some of the principal questions that have been raised on the subject. These questions include:

  • What will Brexit mean for UK financial reporting?
  • Should the scope of the current regulatory framework be revisited?
  • How can the UK continue to be a major player in global standard-setting?

The report also examines three options available to the UK in its expected post-Brexit position as a country adhering to IFRS, but sitting outside EU jurisdiction:

  • EU-adopted IFRS continue to be applied by UK listed companies and the UK continues to participate in EFRAG decision making.
  • UK listed companies are required to use IFRS as issued by IASB, without any mechanism for rejecting new standards.
  • The UK establishes some form of national endorsement mechanism.

Review the full report on the ICAEW's website.

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