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Impact Assessment for accounting standards UK exit from the EU

The FRC's purpose is to serve the public interest by setting high standards of corporate governance, reporting and audit and by holding to account those responsible for delivering them. The FRC sets the UK Corporate Governance and Stewardship Codes and UK standards for accounting and actuarial work; monitors and takes action to promote the quality of corporate reporting; and operates independent enforcement arrangements for accountants and actuaries. As the Competent Authority for audit in the UK the FRC sets auditing and ethical standards and monitors and enforces audit quality.

The FRC does not accept any liability to any party for any loss, damage or costs howsoever arising, whether directly or indirectly, whether in contract, tort or otherwise from any action or decision taken (or not taken) as a result of any person relying on or otherwise using this document or arising from any omission from it.

The Financial Reporting Council Limited 2020 The Financial Reporting Council Limited is a company limited by guarantee. Registered in England number 2486368. Registered Office: 8th Floor, 125 London Wall, London EC2Y 5AS

Overview

(i) In December 2020, the Financial Reporting Council (FRC) issued Amendments to UK and Republic of Ireland accounting standards – UK exit from the European Union. This Impact Assessment accompanies those amendments.

Impact Assessment

Introduction

1 The Financial Reporting Council (FRC) is committed to a proportionate approach to the use of its powers, making effective use of impact assessments and having regard to the impact of regulation on small enterprises.

Amendments to UK and Republic of Ireland accounting standards

2 The amendments update UK and Republic of Ireland accounting standards for changes in UK company law following the UK's exit from the European Union. As the amendments reflect changes in UK company law, they are not expected to introduce changes in financial reporting other than when required or permitted by law, or for consistency with the options available for the preparation of IAS accounts. These amendments should have no practical impact on entities in the Republic of Ireland.

3 The Department for Business, Energy and Industrial Strategy (BEIS) prepared an impact assessment for the changes in legislation and hence no further impact assessment has been prepared by the FRC in this respect.

Conclusion

4 The FRC believes that the amendments to UK and Republic of Ireland accounting standards are necessary for consistency with UK company law following changes in legislation.

Financial Reporting Council 8th Floor 125 London Wall London EC2Y 5AS +44 (0)20 7492 2300 www.frc.org.uk

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Name Impact Assessment for accounting standards UK exit from the EU

Publication date 27 September 2023

Type Impact Assessment

Format PDF, 239.7 KB

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