Accounting rules and standards
UK decision to invoke Article 50 of the TEU: More information
As of 30 March 2019, all EU law will cease to apply to the UK, unless a ratified withdrawal agreement establishes another date, or the European Council and the UK decide unanimously to extend the two-year negotiation period. For more information about the legal repercussions for businesses:
International accounting standards
Under the EU's legislation, all listed EU companies must prepare their consolidated accounts in accordance with a single set of global standards - the International Financial Reporting Standards (IFRS). Most Member States also permit the IFRS for the consolidated accounts of non-listed companies. In addition, some Member States have decided to permit or require the IFRS for individual financial statements of certain companies.
These standards are developed by an independent accounting body, the International Accounting Standards Board (IASB) and then adopted by the EU.
Rules for non-EU businesses
To reduce the costs and complexity of trade for all parties, the EU is working towards global convergence of accounting rules. It does so by encouraging non-EU firms trading with the EU to produce their financial reports on the basis of the International Financial Reporting Standards or equivalent national accounting standards.