FRC's budget plan notes Brexit's possible 'significant implications' for UK IFRS adoption
29 Mar 2017
The Brexit process will see the official notice given by the British government to the European Union later today saying that the UK desires departure from the Union. This happens to coincide with the UK's Financial Reporting Council (FRC) publishing its budget plan for 2017/2018 which notes possible 'significant implications' of the Brexit for IFRS adoption in the UK.
The budget plan notes that the FRC continues to believe in global financial reporting standards but that it cannot foresee the results of the Brexit negotiations. It states (quoted from pp. 6-7 of the document):
We will continue our work to influence the development of International Financial Reporting Standards (IFRS). The UK’s exit from the EU could have significant implications for the adoption of IFRS. The FRC continues to support the application of a single set of high quality global financial reporting standards for all listed companies. Investors have told us they want comparability when reading company accounts. The extent to which the framework for accounting and reporting will need to change will depend to a large degree on the outcome of the UK Government’s negotiations with the EU.
Please click to access the Plan & Budget and Levies 2017/18 document on the FRC's website.
