Financial reporting

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.

UK companies preparing accounts for 2019 and early 2020 will need to consider how Brexit will affect the numbers and disclosures required.

This guide outlines some considerations to help banks and others, including auditors and internal auditors, approach the challenges that have arisen from the introduction of IFRS 9 Financial Instruments and Brexit’s potential impact on this.

Where Brexit may have a material impact on a businesses’ activities or position it is important that this is reflected appropriately in corporate reporting. This guides helps auditors consider how to approach their review of financial statements in the run-up to Brexit.

As a pervasive issue affecting many businesses, it is important that firms develop a consistent approach to Brexit. This guide provides some tips to help you do that.

Following the triggering of Article 50, the implications of the June 2016 UK referendum remain at the forefront of political debate in the UK.

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.

A 10 page PwC In depth guide focusing on the consequential accounting and reporting implications of the UK departure from the EU on 31 January 2020. The paper looks at the Brexit-related risks that management should be considering for their impact on accounting and reporting.

A short article from KPMG that looks at the need for organisations to prepare Strategic Reports to offer investors clarity over the potential impact of Brexit.

Two page briefing from the Audit Committee Institute (KPMG) highlighting the immediate accounting and reporting implications to consider when preparing half-yearly and annual financial reports.

Short paper from EY intended to help companies with the disclosure of the impact of Brexit in the strategic report and financial reporting considerations in interim financial statements and annual financial statements.

Survey from Deloitte looking at how companies have disclosed the risks, opportunities and contingency planning for Brexit in their annual reports, illustrated with examples. The authors offer some advice on how companies could tackle the topic, drawing on the findings from the 60 FTSE 100 annual reports they reviewed.