ICAS ICAS logo

Quicklinks

  1. About Us

    Find out about who we are and what we do here at ICAS.

  2. Find a CA

    Search our directory of individual CAs and Member organisations by name, location and professional criteria.

  3. CA Magazine

    View the latest issues of the dedicated magazine for ICAS Chartered Accountants.

  4. Contact Us

    Get in touch with ICAS by phone, email or post, with dedicated contacts for Members, Students and firms.

Login
  • Annual renewal
  • About us
  • Contact us
  • Find a CA
  1. About us
    1. Governance
  2. Members
    1. Become a member
    2. Newly qualified
    3. Manage my membership
    4. Benefits of membership
    5. Careers support
    6. Mentoring
    7. CA Wellbeing
    8. More for Members
    9. Area networks
    10. International communities
    11. Get involved
    12. Top Young CAs
    13. Career breaks
    14. ICAS podcast
    15. Newly admitted members 2022
    16. Newly admitted members 2023
  3. CA Students
    1. Student information
    2. Student resources
    3. Learning requirements
    4. Learning updates
    5. Learning blog
    6. Totum Pro | Student discount card
    7. CA Student wellbeing
  4. Become a CA
    1. How to become a CA
    2. Routes to becoming a CA
    3. CA Stories
    4. Find a training agreement
    5. Why become a CA
    6. Qualification information
    7. University exemptions
  5. Employers
    1. Become an Authorised Training Office
    2. Resources for Authorised Training Offices
    3. Professional entry
    4. Apprenticeships
  6. Find a CA
  7. ICAS events
    1. CA Summit
  8. CA magazine
  9. Insight
    1. Finance + Trust
    2. Finance + Technology
    3. Finance + EDI
    4. Finance + Mental Fitness
    5. Finance + Leadership
    6. Finance + Sustainability
  10. Professional resources
    1. Anti-money laundering
    2. Audit and assurance
    3. Brexit
    4. Business and governance
    5. Charities
    6. Coronavirus
    7. Corporate and financial reporting
    8. Cyber security
    9. Ethics
    10. Insolvency
    11. ICAS Research
    12. Pensions
    13. Practice
    14. Public sector
    15. Sustainability
    16. Tax
  11. CPD - professional development
    1. CPD courses and qualifications
    2. CPD news and updates
    3. CPD support and advice
  12. Regulation
    1. Complaints and sanctions
    2. Regulatory authorisations
    3. Guidance and help sheets
    4. Regulatory monitoring
  13. CA jobs
    1. CA jobs partner: Rutherford Cross
    2. Resources for your job search
    3. Advertise with CA jobs
    4. Hays | A Trusted ICAS CA Jobs Partner
    5. Azets | What's your ambition?
  14. Work at ICAS
    1. Business centres
    2. Meet our team
    3. Benefits
    4. Vacancies
    5. Imagine your career at ICAS
  15. Contact us
    1. Technical and regulation queries
    2. ICAS logo request

Information issued for accountants during the Brexit transition period

  • LinkedIn (opens new window)
  • Twitter (opens new window)
By Anne Adrain, Head of Sustainability & Reporting

17 February 2020

Key points:

  • The FRC and BEIS have produced a joint letter with information on accounting and corporate reporting during the transition period.
  • The letter has emphasised that there is no change to the UK corporate reporting and accounting framework during the transition period.
  • The Government is establishing a UK Endorsement Board to undertake the work of assessing, endorsing and adopting any new or amended International Accounting Standards.

The UK Financial Reporting Council (FRC) and the Department for Business, Energy and Industrial Strategy (BEIS) have published a joint letter with information on accounting and corporate reporting standards now that we have left the European Union and are currently in a transition period.

The letter emphasises that there is no change to the UK’s accounting and corporate reporting framework during the transition period.

The information provided in the letter is immediately relevant for the transition period only. When this period ends on 31 December 2020, further advice and guidance on the changes that come into effect after the end of the transition period will be issued in due course.

UK Incorporated companies and groups

Currently, the Companies Act requires that UK-incorporated companies prepare their annual accounts either in accordance with International Accounting Standards (IAS) that have been adopted by the EU (“EU adopted IAS”), or in accordance with UK Generally Accepted Accounting Practice (UK GAAP) standards. For financial years beginning after 31 December 2020, UK incorporated companies and groups that currently use EU-adopted IAS will instead be required to prepare accounts using UK-adopted international accounting standards.

There will be no change for UK incorporated companies that use UK GAAP to prepare their annual accounts.

UK public companies with a UK listing

The reporting requirements for UK incorporated groups with securities admitted to trading on a UK regulated market will not change during the transition period: they can continue to prepare their accounts using EU-adopted IAS for the purposes of the Transparency Directive (TD) and Prospectus Directive (PD) as they do now.

For financial years beginning during the transition period, companies will continue to use EU-adopted IAS. Any new or amended standards that are adopted by the EU during the transition period can continue to be used.

If any new or amended standards are adopted by the EU after the end of the transition period, companies have two options:
(i) Continue to use EU-adopted IAS as they existed at the end of the TP; or
(ii) Choose to apply the ‘new’ UK adopted international accounting standards, that will include the new or amended accounting standards.

UK Endorsement Board

The Government is in the process of establishing the UK Endorsement Board (UK EB) to undertake the work of assessing, endorsing and adopting any new or amended International Accounting Standards published by the International Accounting Standards Board (IASB). The Endorsement Board is currently being established and is likely to be operational later this year once the appropriate infrastructure, Chair and staff are in place. Further information on the structure, legal basis and establishment of the UK EB can be found on the FRC website.

EU–UK trade negotiations: learning from the Canadian agreement

By David Wood, Senior Policy Director

6 February 2020

2022-11-mitigo 2022-11-mitigo
ICAS logo

Footer links

  • Contact us
  • Terms and conditions
  • Modern slavery statement
  • Privacy notice
  • CA magazine

Connect with ICAS

  • Facebook (opens new window) Facebook Icon
  • Twitter (opens new window) Twitter Icon
  • LinkedIn (opens new window) LinkedIn Icon
  • Instagram (opens new window) Instagram Icon

ICAS is a member of the following bodies

  • Consultative Committee of Accountancy Bodies (opens new window) Consultative Committee of Accountancy Bodies logo
  • Chartered Accountants Worldwide (opens new window) Chartered Accountants Worldwide logo
  • Global Accounting Alliance (opens new window) Global Accounting Alliance
  • International Federation of Accountants (opens new window) IFAC
  • Access Accountancy (opens new window) Access Acountancy

Charities

  • ICAS Foundation (opens new window) ICAS Foundation
  • SCABA (opens new window) scaba

Accreditations

  • ISO 9001 - RGB (opens new window)
© ICAS 2022

The mark and designation “CA” is a registered trade mark of The Institute of Chartered Accountants of Scotland (ICAS), and is available for use in the UK and EU only to members of ICAS. If you are not a member of ICAS, you should not use the “CA” mark and designation in the UK or EU in relation to accountancy, tax or insolvency services. The mark and designation “Chartered Accountant” is a registered trade mark of ICAS, the Institute of Chartered Accountants of England and Wales and Chartered Accountants Ireland. If you are not a member of one of these organisations, you should not use the “Chartered Accountant” mark and designation in the UK or EU in relation to these services. Further restrictions on the use of these marks also apply where you are a member.

ICAS logo

Our cookie policy

ICAS.com uses cookies which are essential for our website to work. We would also like to use analytical cookies to help us improve our website and your user experience. Any data collected is anonymised. Please have a look at the further information in our cookie policy and confirm if you are happy for us to use analytical cookies: