In this month’s roundup of accounting and reporting developments, no deal Brexit advice for accountants, IFRS 9 causes HSBC’s net assets to drop £1.2bn, IFRS 16 set to pull £180bn onto FTSE 350 balance sheets, Kraft Heinz under spotlight over procurement accounting
The Financial Reporting Council (FRC) and the Department for Business, Energy and Industrial Strategy (BEIS) have published information about the preparation required for accountants in the event there is no deal agreed for leaving the EU by Friday 29 March 2019.
The letter to accountants lays out the situation regarding IAS in the event of a no deal Brexit. For financial years straddling exit date, that is beginning on or before 29 March 2019 and ending after that date, the regulations made by government will ensure that these companies can continue to use EU-adopted IAS.
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