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EU Referendum - considerations relating to UK accounting, reporting & corporate governance

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24 Jun 2016

EU regulations and EU-inspired UK laws will continue to apply for at least two years.

In relation to accounting, corporate reporting, audit and corporate governance this means that the following considerations apply.

  • For the foreseeable future, the requirements for use of IFRSs as endorsed for use in the European Union (including the need for endorsement of new standards before they can be applied) will not change.
  • The legal requirements underpinning UK GAAP remain unchanged.
  • There will be no impact on implementation of the EU audit reform changes, which came into effect for periods commencing on or after 17 June this year.

In a statement following the referendum vote to leave the EU, the FRC said that:

"Stakeholders have asked about the implications of the referendum result for our regulatory work. Our regulatory framework is unchanged and we will continue to apply it. The FRC will also continue to play its part in representing the interests of the UK internationally. We will pay close attention to the decisions now taken by the Government and Parliament, and continue to work in collaboration with our key stakeholders, particularly investors, business and the professionals we regulate, in order to ensure our work continues to support economic growth."

The full FRC statement can be obtained from their website.

Click here to access Deloitte's Governance in Brief publication 'The vote to leave' which examines key considerations for half year reporting.

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