Government approves the Accounts and Reports (Amendment) (EU Exit) Regulations 2019

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15 Feb, 2019

The Accounts and Reports (Amendment) (EU Exit) Regulations 2019 (SI 2019/145) have been approved by the government.

The regulations set out some of the changes to be made to statutory requirements in relation to accounting and reporting, although the timing of when they become effective is dependent on other agreements made in the broader scheme of the UK’s exit from the EU.

One amendment in these regulations is to limit the scope of when subsidiary companies may be exempt from including a non-financial information statement within their strategic report. Instead of being exempt if the subsidiary undertaking is included within a consolidated management report where its parent undertaking is established under the law of an EEA State, the parent undertaking will need to be established under the law of the UK.

Please click to access the regulations here.

Our related Need to know publication if available here.

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