This instrument addresses failures of retained EU law to operate effectively and other deficiencies arising from the withdrawal of the UK from the EU, in the field of accounts and reports of UK corporate bodies, to make some consequential amendments and transitional provision as a result of the European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2018 (SI 2018 No. 1298), and to make minor corrections to two EU Exit statutory instruments. The IAS Regulation (Regulation EC No 1606/2002) sets out the requirements for the application of International Accounting Standards (IAS) in the EU. Publicly traded companies in the UK are required to apply IFRS as endorsed and adopted by the EU to their consolidated accounts. Following the UK's exit from the EU, existing EU-adopted IFRS will be brought into UK law, but frozen as at exit day, and public companies listing in the UK will be required to produce their consolidated accounts in accordance with these standards. However, as the UK will no longer be a member of the EU, future adoptions, interpretations and amendments of IFRS by the EU will no longer apply in the UK. This instrument therefore provides for a national framework for endorsement and adoption of IFRS after departure from the EU.
Also see EU Exit SI tracker