IFRS as adopted in the UK?

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Marek Muc
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IFRS as adopted in the UK?

Post by Marek Muc »

perhaps not that surprising...
https://ion.icaew.com/financialreportin ... ter-brexit

another version of IFRS to keep track of in the future :roll:
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JRSB
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Re: IFRS as adopted in the UK?

Post by JRSB »

I'm quite sure they will align. Some interesting other implications too. Eg UK sub with EU parent company can get audit exemption in certain circumstances. Not for periods starting 1/1/21.
"I am always ready to learn although I do not always like being taught" - Churchill
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Marek Muc
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Re: IFRS as adopted in the UK?

Post by Marek Muc »

Hm, I'm not sure I follow, would you mind telling us more about this exemption from audit?
Radhika
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Re: IFRS as adopted in the UK?

Post by Radhika »

Hi All,

I understand that UK exit from Brexit could have some exemptions removed like requirement to prepare consolidation of accounts for UK companies having EU parent companies. Where can i get more information about this applicability and from when will this change affect UK companies.
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JRSB
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Re: IFRS as adopted in the UK?

Post by JRSB »

Yes in some circumstances you can file the TopCo accounts of a EU parent company.
From periods comm 1/1/21 you can't do that so must prepare and file consol accs at UK level.
Similar situation re exemption from audit via EU parental guarantee.
(Sorry, not an IFRS issue).
"I am always ready to learn although I do not always like being taught" - Churchill
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Marek Muc
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Re: IFRS as adopted in the UK?

Post by Marek Muc »

Interesting, in Poland there's no such exemption from audit, a fully owned subsidiary must be audited even if its parent is domiciled in Poland
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JRSB
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Re: IFRS as adopted in the UK?

Post by JRSB »

There's a huge number of caveats, mostly importantly that the parent company then bears a guarantee to creditors which may not be ideal.
"I am always ready to learn although I do not always like being taught" - Churchill
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