Our latest publication examines how companies have disclosed the risks and opportunities of Brexit in their annual reports and includes examples of disclosure. These annual reports were written and published in advance of the triggering of Article 50 and the general election but they do represent the start of a journey to more comprehensive disclosure.

Unsurprisingly, uncertainty dominated risk concerns of the FTSE 100 companies in our sample, be it more general economic or political uncertainties or specific concerns such as the restriction of movement or access to the single market. 62% of the companies had changed their principal risk disclosures in response to the Brexit vote.

But it is not all about risks. Seven of the companies identified opportunity on the horizon. Whilst these varied by company, the types of opportunity mentioned included faster take up of automation to meet a potential skills shortage, and incentivised inward investment with the depreciation of sterling.

As we look ahead to the 2017 year end reporting season, the end of the exit negotiation period will be within the lookout period for longer term viability statements. We expect to see enhanced disclosures around Brexit impacts, preparations and planning within those statements

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