Brexit: Policy recommendations for financial reporting (By All Accounts, January 2018)
Nigel Sleigh-Johnson summarises the messages from an influential faculty report on the key policy decisions faced by the UK financial reporting community. ( By All Accounts, January 2018)
With so much on the UK government’s Brexit agenda, is there a danger that the implications for financial reporting are overlooked or receive insufficient attention? We think so. In an effort to bring the many important financial reporting implications of Brexit to the attention of policymakers, the faculty recently published Brexit: Implications for financial reporting.
The report sets out the faculty’s current thinking on the key issues. In particular, it comments on the use of IFRS in the UK; international influence; methods by which IFRS standards might be adopted into UK law; and some wider, non-IFRS reporting issues. It sets out 16 policy recommendations for UK and international policymakers, offered both as a basis for conversations about the impact of Brexit on UK reporting and as an illustration of the challenges that similar national economies face in using international standards.