Accounting for Brexit part 1: small company and group accounts

In the first article of a series on the impact of Brexit on audit and accounting, Lizzie Morris ACA and James Lole FCA take a look at how the changes introduced by the Brexit-related regulations will impact the preparers of accounts for small companies and small groups from 1 January 2021

Statutory Instruments

There have been several Statutory Instruments (SIs) passed by the government during 2019 and 2020 amending the law on accounting and auditing in the light of the UK’s withdrawal from the EU (Brexit). Although the number of them may seem confusing, they cover points of detail, and do not go beyond the minimum necessary to ensure that UK law is self-sufficient.

It is worth remembering that, at least for now, there is no desire to make major changes to company law in general, even though the majority of company law created during the years of the UK’s membership of the EU ensured conformity with European directives. What changes there are affect the legislation on accounts and audit.

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