Now that the UK has voted to leave the EU, there will be a protracted period of negotiation, and many months of uncertainty as the detailed political and legal issues are worked out and the real impact of leaving unfolds. It will be at least two years, and probably longer, until the UK actually leaves the EU. This uncertainty will likely impact all UK businesses and those that do business/ invest in the UK. There has been an immediate impact on the financial markets, both in the UK and overseas, with the pound significantly weakening against other currencies and share prices fluctuating as the market reacts to the decision.
For entities that are reporting either full year or interim results at 30 June, there is a need to consider a number of accounting and reporting issues. This In brief provides an overview of some potential issues and the relevant guidance under IFRS.