UK needs to align with IFRS post Brexit

The UK should continue to apply internationally-accepted accounting standards to retain its status as a major global financial centre, according to the ICAEW’s financial reporting faculty.

By doing this the UK would be sticking to International Financial Reporting Standards (IFRS), while sitting outside EU jurisdiction.

ICAEW is calling on the UK to learn from the experience of the EU and other IFRS jurisdictions, and develop a new national endorsement mechanism that is smoother and faster than the current EU process, which has been criticised for its complexity.