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Need to know — Accounting, auditing and corporate governance – legal and regulatory changes arising from Brexit

Published on: 04 Sep 2020

Under the European Union (Withdrawal) Act 2018, the UK ceased to be a member of the EU on 31 January 2020 (’Exit day’). Under the withdrawal agreement, enacted in UK law by the European Union (Withdrawal Agreement) Act 2020 (WAA 2020), there is an implementation period, which ends on ‘IP completion day’, defined as 31 December 2020 at 11.00 p.m. UK time.

UK reporting continues to be subject to the EU legislative framework until IP completion day. However, for financial periods commencing on or after IP completion day, a number of changes will come into effect 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 changes are highly technical amendments to fix definitions and references in the law, several will affect the requirements around company reporting, auditing and governance.

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