The potential implications of Brexit on accounting standards in the UK was not a subject that featured highly in the referendum debate, but this is one of many areas where the impact of Brexit will likely be felt. It is also an area where the UK’s departure from the EU might influence developments on the continent as well as at home.

IFRS factors

The requirement for listed companies to use EU-adopted International Financial Reporting Standards (IFRS) ultimately derives from EU law. Pending our eventual departure from the EU, determining which accounting standards such companies follow will lie with the UK.