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IFRS as adopted in the UK?

Posted: 19 Oct 2020, 13:07
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:

Re: IFRS as adopted in the UK?

Posted: 19 Oct 2020, 14:38
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.

Re: IFRS as adopted in the UK?

Posted: 19 Oct 2020, 20:58
by Marek Muc
Hm, I'm not sure I follow, would you mind telling us more about this exemption from audit?

Re: IFRS as adopted in the UK?

Posted: 20 Oct 2020, 07:34
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.

Re: IFRS as adopted in the UK?

Posted: 20 Oct 2020, 09:44
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).

Re: IFRS as adopted in the UK?

Posted: 20 Oct 2020, 10:02
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

Re: IFRS as adopted in the UK?

Posted: 20 Oct 2020, 10:15
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.