Government plans to endorse IFRS and maintain FRC as regulator post-Brexit

The government has set out plans to transpose EU-adopted IFRS (International Financial Reporting Standards) into UK law and introduce a UK corporate reporting and audit framework, which will be controlled by the Financial Reporting Council (FRC), subject to EU agreement.

The UK Brexit negotiating team will put the plans to the EU this month to ensure continuity of accounting standards and the regulation environment after the UK leaves the EU in March 2019.