How will Brexit affect financial reporting?
The uncertainty caused by Brexit may affect the accounting estimates that are used in various areas of financial reporting, such as fair values, impairment assessments and going concern forecasts. Wording of disclosures on potential risks also requires thinking about.
In addition a number of changes in the law that underpins financial reporting is necessary to reflect the fact that the UK is no longer a member of the EU.
Guidance on considerations for financial reporting
To assist you with these considerations we have collated some links which provide some useful information and guidance.