Accounting in case of No Deal Brexit
The UK government has published an updated technical notice on accounting if there’s no Brexit deal.
The notice provides guidance on the accounting and reporting implications should the UK leave the EU without a deal. This overview helps you navigate through that guidance and assess what it might mean for your business.
Although there will not be any change to the basis of accounting for UK companies reporting under the UK’s generally accepted accounting practice (GAAP), Brexit may have an impact on the business itself, which could be relevant to reporting. This overview considers how accounting will be affected under international financial reporting standards (IFRS), the impact of a no-deal Brexit on groups of companies and implications for audit committees.
Some of the considerations may also be relevant if there is a deal. The technical notice was originally issued in autumn 2018, with the update published on 24 May.