The Financial Reporting Council (FRC) and Department for
Business, Energy and Industrial Strategy (BEIS) have published
joint letters for auditors and accountants with information in
relation to auditing and accounting and corporate
reporting standards during the transition period following the
UK's exit from the EU.
In relation to accounting and reporting, the letter confirms
that there is no change to the UK's accounting and corporate
reporting framework during the transition period. For financial
years which begin during the transition period, UK listed companies
will continue to use EU-adopted IAS. For financial years beginning
after 31 December 2020, UK incorporated companies and groups that
currently use EU-adopted international accounting standards will
instead be required to prepare accounts using UK-adopted
international accounting standards. The letter also discusses
issues for groups with entities in the UK and EEA to consider in
the context of reporting
