Despite all of the media attention around Brexit, very little is being said about the effect of Brexit on the accounting and financial reporting requirements for businesses operating cross-border.
Despite all of the media attention around Brexit, very little is being said about the effect of Brexit on the accounting and financial reporting requirements for businesses operating cross-border.
Whilst it is fair to say that the actual impact will not be felt until future financial years, now is the time to assess how Brexit may affect how you have historically approached your accounts preparation and financial reporting - in conjunction with advice from your accountants/auditors – so that your internal processes can be geared up for any required changes.
Currently, as far as possible, the UK government is aiming for a position where the same accounting and audit rules will continue to apply post-Brexit – however, certain changes to the corporate reporting regime will be necessary to reflect that the UK will no longer be an EU member state. Based on what we know at present, the following headlines should be borne in mind:
The precise impact of Brexit will depend on a business’ unique structure - and many businesses will already been seeking the necessary support from their accountants/auditors on these issues. However, if you have specific legal questions about how Brexit may affect your accounts preparation and/or financial reporting going forward, please do not hesitate to get in touch.
Knowledge Director
emma.grant@brownejacobson.com
+44 (0)115 934 2043
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