Latest Industry News

15 Oct 2018

The government has published the latest batch of ‘no deal’ Brexit documents.

A range of issues are covered within the documents, from consumer rights to existing free trade agreements.

The latest technical notices also outline the consequences of a no deal scenario on accounting, corporate reporting and auditing. The government has stated that the corporate reporting regime will remain ‘unchanged in many respects’, although certain amendments will need to be made in order to ‘reflect that the UK is no longer [an EU] Member State’.

Audit rules will also remain largely unchanged for UK companies operating solely in the UK, but ‘additional requirements’ will be necessary for audits of companies operating cross-border.

Commenting on the latest documents, Brexit Secretary Dominic Raab said: ‘We have now published over 100 technical notices, giving individuals, businesses, public bodies and non-governmental organisations information and guidance in the unlikely event of no deal.

‘Securing a good deal with our EU partners remains our top priority.’

Meanwhile, the British Chambers of Commerce (BCC) welcomed the publication of additional no deal guidance, but warned that firms still do not have answers to a handful of questions. It stated: ‘The BCC risk register shows that many questions still remain unanswered, especially on cross-border trade and workforce planning.

‘Both sides must do all they can in the coming days to reach a deal that works for British business.’

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