IFRS as adopted in the UK?

[Marek Muc]

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

another version of IFRS to keep track of in the future

[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.

[Marek Muc]

Hm, I'm not sure I follow, would you mind telling us more about this exemption from audit?

[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.

[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).

[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

[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.