As the Brexit debate rumbles on, one of the questions that we are frequently asked is what Brexit might mean for accounting standards in the UK and whether it could lead to the demise of International Financial Reporting Standards (IFRS) in the UK and the return of UK GAAP.

One answer is that the UK government and European Commission have more important things to negotiate as they plot their route to a hard or soft Brexit. However, at the same time, there are vocal groups who have concerns with certain aspects of IFRS and may use the opportunity to lobby for just such a change.