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Need to know — Accounting, auditing and corporate governance – legal and regulatory changes arising from a “No Deal” Brexit

Published on: 06 Mar 2019

There is still no certainty as to whether the UK will leave the European Union with a withdrawal agreement or without – a ‘No Deal’ Brexit.

If there is a deal then the European laws which underpin much of the UK’s accounting, corporate reporting, auditing and corporate governance regimes will continue to have direct application until the end of the transition period in the withdrawal agreement, expected to be 31 December 2020. If not, then a significant number of changes will need to be made to the UK regime in order to incorporate EU concepts into UK law and hence maintain continuity of treatment (and, ultimately, allow for the possibility of divergence in the fullness of time). Whilst many of these are highly technical amendments to fix definitions and references with the law, a number of changes will affect the requirements around company reporting, auditing and governance.

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