Brexit—accounts and reports [Archived]

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

  • Brexit—accounts and reports [Archived]
  • Key areas of UK corporate reporting framework which will be affected by Brexit
  • The Accounting Directive—corporate reporting
  • The Accounting Directive—reports on payments to governments
  • Overseas companies
  • Issuers of transferable securities
  • Use of International Financial Reporting Standards (IFRS)
  • Corporate reporting since 1 January 2021
  • Accounts and Reports (Amendment) (EU Exit) Regulations 2019
  • International Accounting Standards and European Public Limited-Liability Company (Amendment etc) (EU Exit) Regulations 2019
  • More...

Brexit—accounts and reports [Archived]

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).

During the implementation period (until 11pm UK time on 31 December 2020), the UK and the EU sought to negotiate and enter into an agreement that would govern their future relationship. The framework for a future relationship was set out in a political declaration, the terms of which were agreed at the same time as the Withdrawal Agreement.

The EU–UK Trade and Cooperation Agreement (TCA), ie the post-Brexit trade deal between the UK and the EU, was finally agreed just days before IP completion day. Further to the agreement of the TCA, the European Union (Future Relationship) Bill was introduced to Parliament on 30 December 2020, and having completed all its Parliamentary stages in a single day, the Bill received Royal Assent as the European Union (Future Relationship) Act 2020. For the purposes of this Practice Note, the TCA and its associated agreements and the European Union (Future Relationship) Act 2020 shall be collectively referred to as the

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