Brexit—accounts and reports
Brexit—accounts and reports

The following Corporate guidance note provides comprehensive and up to date legal information covering:

  • Brexit—accounts and reports
  • Audit, accounting and corporate reporting during the transition period
  • Key areas of UK corporate reporting framework which will be affected by Brexit
  • No deal Brexit—impact on corporate reporting
  • Previous ‘no deal’ technical guidance
  • Brexit-related disclosures
  • Impact of Brexit on UK audit regime
  • Summary of key relevant legislative and regulatory developments

At 11pm UK time on 31 January 2020 (exit day), the United Kingdom left the European Union in accordance with a ratified Withdrawal Agreement between the UK and the EU.

The UK is now regarded by the EU as a ‘third country’, ie it is a country that is not an EU Member State or a member of the European Free Trade Association (EFTA). Nevertheless, in accordance with the Withdrawal Agreement, the UK’s relationship with the EU is currently in a transition period (referred to in the UK as the implementation period). During the implementation period, the UK remains bound by existing and new EU laws and subject to the jurisdiction of the Court of Justice of the European Union. However, it is no longer a member of the political institutions or governance structures of the EU. The implementation period is due to end on 31 December 2020 (although it may be extended once, before 1 July 2020, by a period of up to two years).

During the implementation period, the UK and the EU will seek to negotiate and enter into an agreement that will govern their ongoing relationship (the Future Relationship Agreement). The framework for the future relationship is set out in a political declaration, the terms of which were agreed at the same time as the Withdrawal Agreement.

If, by 11pm