Accounting in the UK in case of a 'no deal' Brexit

  • United Kingdom Image

22 Feb 2019

The UK Financial Reporting Council (FRC) and the UK Department for Business, Energy and Industrial Strategy (BEIS) have published letters for auditors and accountants to share information in case there is no deal for leaving the EU by Friday 29 March 2019.

Regarding endorsement of International Accounting Standards, the letter refers to the recently drafted Statutory Instrument The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 (IAS SI). The SI gives power to the Secretary of State to endorse new or amended standards and also power to delegate this responsibility. The intention is to delegate these functions to a newly-formed independent UK endorsement body. This body will be operational during 2019 once the appropriate infrastructure and staff are in place.

In regards to existing EU-adopted IAS, the letter notes that at the point of exit, the Withdrawal Act brings into UK law IASs already endorsed by the EU, to provide continuity.

The following information is available on the UK Government website:

Related Topics

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.