As the proposed date of Brexit approaches, increasing amounts of guidance are becoming available, mostly focused on the consequences of "no deal". In particular, the UK government has issued notes on both accounting and auditing in the case of a no deal Brexit. In accounting terms, it will no longer be relevant whether an IFRS Standard is adopted by the EU; instead a specific UK body will make a series of decisions on new UK-endorsed IFRS (which is expected, realistically, to be the same as EU IFRS as at the exit date).
Exemptions based on having an EU parent will also stop applying so parent companies not preparing group accounts will need to review carefully whether they have other ways to achieve this. The government has also issued a document about Brexit and auditing, last updated in June, making observations about audit firm structure, changes in data protection legislation, and additional Brexit-related risks in financial reporting that are likely to require extra audit attention.
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