Brexit and financial reporting

16 February 2021: The double whammy of Brexit and COVID has prompted an important focus on approaches to audit that could prove beneficial to auditors and clients alike.

15 December 2020: ICAEW’s Financial Reporting Faculty’s short guide looks at the main areas of focus.

10 December 2020: As companies prepare to embark upon the 2020/21 reporting season, questions around judgments and estimates, impairments and financial instruments have topped the list of problematic financial reporting areas

3 November 2020: Reporting on 2020 will be a challenge. The Financial Reporting Council Lab acknowledges this but also flags opportunities for the development of investor information despite the uncertainty.

2 November 2020: Coronavirus, Brexit and the impacts of climate change add up to a reporting season like no other for chartered accountants, writes ICAEW CEO Michael Izza.

26 October 2020: The FRC’s Executive Director, Regulatory Standards, Mark Babington, urges the profession and all businesses to put clarity of information and high-quality assurance at the forefront during this difficult time.

10 March 2020: IFRS as adopted by the UK will replace its EU counterpart when the Brexit transition period ends on 31 December. Will this mean significant change for companies currently preparing accounts under EU-adopted IFRS?

24 February 2020: on 31 January 2020 the UK left the EU. Or did it? From a financial reporting perspective, very little has changed.

A short introduction to UKEB and its role in the endorsement and development of IFRS.

UK preparers can only apply new and amended IFRSs once they have been UK-endorsed.

A summary of the key financial reporting considerations for December 2020 year-ends and beyond.

10 March 2020: IFRS as adopted by the UK will replace its EU counterpart when the Brexit transition period ends on 31 December. Will this mean significant change for companies currently preparing accounts under EU-adopted IFRS?

There have been changes to the UK's corporate reporting regime which affect a small number of companies. Watch this video to find out more about changes to accounting and auditing.

Transitional provision guidance issued by the FRC for preparers using IFRS. It includes proposed wording to explain the basis of accounts preparation, where an entity has a financial period which straddles the end of the transition period following the UK's exit from the EU.

Amendments to FRS 100, 101, 102, 103, 104 and 105 issued by the FRC to ensure consistency with UK company law and to update legal references and terminology used in the standards, reflecting changes in legislation as the EU exit transition period ends.

Letters issued by BEIS and the FRC in November 2020 to the accounting and audit sectors setting out changes to the UK's corporate reporting framework at the end of the transition period.

Information from the FRC about the status of existing EU-adopted IFRSs, establishing a UK endorsement body, and the FRC's influencing and endorsement activities.

Documents from the FRC and government on auditing and accounting during and after the transition period. It includes links to legislation and information for EEA based organisations transferring personal data to the FRC.

Letter issued by the Department for Business, Energy and Industrial Strategy (BEIS) and the Financial Reporting Council (FRC) to the accountancy sector on accounting and corporate reporting standards during the transition period.