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Brexit takes a back seat, for now

Marianne Mau looks ahead to a post-Brexit financial reporting landscape.

The Financial Reporting Council will make consequential amendments to UK accounting standards necessary to reflect the changes in company law that come into effect at the end of the transition period. 

UK companies with accounting periods beginning on or after 1 January 2021 will switch from applying IFRS as adopted by the EU to IFRS as adopted by the UK.