Financial Reporting & Auditing Post Brexit - Be Prepared for December 2021

Introduction

Britain’s transition out of the EU ended on 31 December 2020. For many reporting entities, the impact of this issue is unlikely to be felt significantly during the course of 2021 - particularly for entities preparing financial statements under UK GAAP.

In December 2020, the Financial Reporting Council (FRC) issued amendments to UK GAAP as a result of Britain’s exit from the EU. These amendments apply mandatorily for accounting periods commencing on or after 1 January 2021 (i.e. from December 2021 year ends). In some cases, early adoption is permissible.

The impact of Britain leaving the EU will affect some companies more than others.

What You Will Learn

This webinar will cover the following:

• How the UK will endorse International Financial Reporting Standards for use in the UK now the country has left the EU
• How UK GAAP reporters will be affected
• What will happen to certain groups that have companies based in the UK whose parents are located overseas
• How audit firms will be impacted by Britain’s exit from the EU
• Further changes that may impact financial reporting from 2021 onwards

This webinar was recorded on 6th July 2021