The regulations set out some of the changes to be made to statutory requirements in relation to the application of IFRS in the UK after exit day, 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.

In particular, they repeal the IAS Regulation so that it will not apply to the UK and introduce a new legal term ‘UK-adopted international accounting standards’ for IFRS as adopted by the UK. This will apply to UK companies that choose this framework, or which are required to use this framework, for accounting periods commencing on or after exit day. IFRS as adopted by the EU immediately before exit day is preserved as the initial set of IFRS as adopted by the UK on exit day. The regulations also provide for a UK mechanism for the adoption of IFRSs; endorsement will be by the Secretary of State but allows for delegation of this function.

Please click to access the regulations here.

Our related Need to know publication is available here.