Covid and Brexit

The Covid-19 pandemic and the UK’s withdrawal from the EU remain key issues for all those preparing accounts in 2021 and beyond, regardless of entity size or accounting framework.

The impacts of the pandemic include:

• deeper consideration of whether material uncertainties related to going concern exist;

• many businesses having to account for government grants or support for the first time;

• increased uncertainty in judgments and estimates;

• amendments in relation to rent concessions granted;

• more post-balance sheet events due to changes and developments in regulations and legislation;

• contracts becoming more onerous; and

• employee redundancies.

The impacts of Brexit include: