Accountants and auditors are being advised by ACCA (the Association of Chartered Certified Accountants) to familiarise themselves with new guidance from the Financial Reporting Council (FRC) and BEIS about audit, accounting, and corporate reporting standards now that the UK has left the EU and is in a transition period (TP).
The FRC has issued two letters - one for accountants and the other for auditors and firms - explaining that during the TP there is no change to the UK’s accounting, corporate reporting and audit frameworks.
Maggie McGhee, executive director, governance at ACCA said: ‘This guidance is a timely reminder for accountants and auditors of how things stand during this TP.
‘These are essential reading, and something with which we all need to familiarise ourselves. We know that our members are seeking clarity and regular updates, so we hope this is the start of a pattern of proactive comms that informs the wider profession about developments as the TP progresses.’
The links to the letters are here:
· Information for accountants is available here.
· Information for auditors is available here.
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