There are new accounting rules after Brexit when comes to prepare company accounts for UK public companies both with listing in the UK and in the EU. These rules apply from 01 January 2021 onward.
Generally, your company must adopt the UK adopted IAS for the accounting period beginning on or after 1 January 2021. You would say goodbye to the EU adopted IAS. IAS stands for International Accounting Standards. Both sets of accounting standards are the same at the moment. However, there may be differences later when UK updated the UK adopted IAS.
UK public companies with a UK listing
All UK public companies and groups with shares listed in the London Stock Exchange must prepare accounts using the UK adopted IAS. This rule applies to your company accounts with the accounting period starting on or after 01 January 2021.
However, you have the option to prepare your company accounts using the EU adopted IAS if you wish. This option only available to you for accounts beginning on or before 01 January 2021.
If you are going to use the EU adopted IAS for your accounts then change over to the UK adopted IAS, in this case, you do not have to restate your accounts after 01 January 2021.
UK companies with an EEA listing
If your public limited company has a subsidiary incorporated in the EU with an EEA listing, you must ensure you do both of the following:
First, you must comply with the rules of the country where your subsidiary is located.
Second, you must produce company accounts that comply with the UK Companies Act 2006.
If you have any questions about company accounts for UK public companies after Brexit, contact Companies House. Alternatively, speak with our London accountants.
Another important document, your public limited company must deliver to Companies House is your confirmation statement.
