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
  • Key areas of UK corporate reporting framework which will be affected by Brexit
  • No deal Brexit—impact on corporate reporting
  • Practical issues and technical guidance
  • Transition period agreed—effect on corporate reporting
  • Impact of Brexit on UK audit regime
  • Summary of key relevant legislative and regulatory developments

The United Kingdom voted to leave the European Union. Brexit can occur either in accordance with a ratified withdrawal agreement between the UK and the EU or automatically, if no such withdrawal agreement is entered into. The UK will then be regarded by the EU as a ‘third country’, ie a country that is not an EU Member State or a member of the European Free Trade Association (EFTA). A draft Withdrawal Agreement was previously agreed at negotiator level between the UK and the EU. Subsequently, on 17 October 2019, the European Commission and UK government announced an agreement in principle on the revised legal terms of the Withdrawal Agreement, which includes a revised Protocol on Ireland/Northern Ireland and revised political declaration on the framework of the future EU-UK relationship. For further information on the revised Withdrawal Agreement, see Brexit Bulletin—UK and EU announce a new Brexit deal, LNB News 17/10/2019 39. However, this revised Withdrawal Agreement is yet to be ratified in the UK, as it has not been possible to obtain approval of the terms of withdrawal and the framework for the future relationship in both Houses of Parliament. If the Withdrawal Agreement is not ratified (referred to as a no deal Brexit) the UK will leave the EU on Exit Day with no framework for a future relationship