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Accounting and Reporting standards from 1 January 2021

The Department for Business, Energy and Industrial Strategy (BEIS) and the Financial Reporting Council (FRC) have jointly published a letter to the accounting and audit sectors setting out the UK’s legal framework for accounting and corporate reporting at the end of the transition period on 31 December 2020.

The information in the letter is particularly relevant for UK incorporated companies, multinational groups with a UK and EEA presence and UK and EEA companies with cross-border listings. It is important to note that for the vast majority of companies the UK’s accounting and corporate reporting regime will remain largely unchanged

The main changes to corporate reporting are as follows:

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