Accounting, reporting and filing implications of the end of the Transition Period governing the UK exit from the EU

Dec 17, 2020

The UK Department of Business, Energy and Industrial Strategy and the Financial Reporting Council recently published a letter addressing certain implications of the end of the Transition Period for companies' accounting, reporting and filing requirements. https://www.gov.uk/government/publications/uk-accounting-and-audit-framework-from-1-january-2021

As the end of the Transition Period for the exit of the U.K. from the EU also has implications for the availability of certain Irish Company Law exemptions, such as Companies Act 2014 Section 357 (exemption from filing), Section 299 (exemption from consolidation) and Section 1300 (Branches of UK companies), Irish subsidiaries and branches of UK parents to which these sections apply may wish to liaise with their UK parent companies and to consider whether any action may be taken to address these implications.