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Accountancy in the Brexit negotiations

Find out more about the potential implications of Brexit on the provision of accountancy and related advisory services, as well as on accountancy training and qualifications.

This is a an initiative by the UK and Irish professional bodies and major firms to share information on the potential implications of Brexit on the provision of accountancy and related advisory services, as well as on accountancy training and qualifications.

A collective endeavour

ICAEW, ACCA, BDO, CAI, ICAS, Deloitte, EY, KPMG, PWC and RSM have contributed to the information contained on these webpages, which include details on the potential impact of the UK’s withdrawal from the EU, focusing on key priorities for accountancy services and qualifications. We continue to consider arrangements between the UK and the EU could work in the longer-term to enable the accountancy profession to continue to serve investors, capital markets and individual businesses, as well as the wider public 

Here you can find more information on the potential impact of the UK’s withdrawal from the EU, focusing on key priorities for accountancy services and qualifications. We continue to develop specific proposals on how arrangements between the UK and the EU could work in the longer-term to enable the accountancy profession to continue to serve investors, capital markets and individual businesses, as well as the wider public interest.

As accountancy services are extensive in scope, it is not possible to cover all aspects here in detail (for example, the future of standard setting and adoption of standards or the functioning of the tax system). Issues of critical concern to the broader professional and business services section, such as data collection and transfer, are also not treated here.

Key priorities for accountancy services and qualifications

Accounting, including statutory audit, underpins the integrity and stability of markets. It is central to investor confidence. The market interdependence between the UK and the EU is extensive. It includes entities and debt securities listed on regulated markets, pan-UK/EU parent and subsidiary undertakings and branches, joint ventures, mergers and acquisitions and small and medium sized enterprises (SMEs) operating or selling cross-border.

The critical role played by the sector is reflected in the priorities which are identified here. These include issues that have relevance to the wider professional and business services sector, namely mobility talent and training, and the mutual recognition of professional qualifications and insolvency appointments and judgments. The priorities are also specific to statutory audit, including the mutual recognition of the regulatory framework and issues relating to joint UK-EU audit firm ownership. A final priority relates to the unique situation of Northern Ireland.

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Interaction with governments and other stakeholders

We continue to interact extensively with UK Government and stakeholders to enhance shared understanding of the implications of Brexit on accountancy services and qualifications. This is accompanied by very close cooperation with other UK professional and business services providers, including via the Professional and Business Services Council (link).

We are also in regular dialogue with individual European professional bodies as well as with the collective European accountancy profession, as represented by Accountancy Europe (of which the UK and Irish professional bodies are members). The dialogue with Accountancy Europe has resulted in a unified European position in respect of statutory audit, one of the key priorities as identified above.