Brexit

Brexit

As the UK and EU move through the transition period find out the latest opinions and insights from CIMA members and other experts from around the country.

The UK’s Post Brexit relationship with the EU

As of 1 January 2021 new rules took effect regarding the UK’s relationship with the European Union. Use our hub to understand more about these changes and how we will help all our members and students to work with them. It will be updated regularly with the latest advice as the situation becomes clearer.

The CIMA Professional Qualification will continue to stand as a globally-recognised benchmark for the necessary financial, accounting and management skills to drive successful businesses. Our members and students remain at the heart of everything we do and we will continue to advocate on their behalf to facilitate the least possible restriction on the trade in professional services and the rights of management accountants to operate in the European Union.

The Financial Reporting Council expects disclosures to be made on how risks are perceived at the time and will judge them within the current context, not in hindsight. For example in the context of Brexit, issues such as staffing, supply chain, regulatory change and data management will need to be carefully examined.

Management accountants have an important role in producing accurate risks assessments on which business leaders will rely to help make strategic decisions, and at this time of uncertainty it is ever more critical that their knowledge and skills are capitalised upon and used to their full potential. In addition to maintaining sound governance, having a risk assessment process in place will undoubtedly give businesses a competitive advantage should some of these risks become a reality.

Andrew Harding Chief Executive — Management Accounting - Association of International Certified Professional Accountants

Resources to help you prepare:

Audit, Accounting and Corporate Reporting during the Transition Period

Check out the letters for accountants and auditors with information regarding auditing, accounting and corporate reporting standards during the transition period following the UK’s exit from the EU.
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Updated legal advice on the CIMA qualification

“The UK-EU trade deal does not impact the status of the CIMA Professional Qualification in the EU”
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Data protection and Brexit

Check out the latest guidance and resources for organisations after Brexit from the Information Commissioners Office (ICO)
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Final preparations and things to note ahead of 31 October

"At this stage it is crucial businesses take the time to gather all of the information available and use it to take the right decisions"
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Brexit takes a backseat as talent and technology lead the agenda

"While both the government and media continue to largely focus on Brexit, our members are taking a pragmatic approach to the business challenges they are facing beyond it."
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Resilience is key in the Brexit age

"Prolonged uncertainty has turned into a daily cycle of speculation amidst complex Parliamentary processes. This makes planning very difficult and the risks even of a no deal even greater. "
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Legal advice on CIMA qualification after Brexit

Whatever happens, CIMA qualifications will continue to stand as a globally-recognised benchmark for the necessary financial, accounting and management skills to drive successful businesses.
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100 days to Brexit. Is UK business prepared?

"UK business leaders are now in a position where they must hope for the best and plan for the worst"
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Paul Turner, UK and Ireland Regional Vice President blog

"One thing is for sure, Brexit is a fast moving game – and a bit of rollercoaster ride to boot!"
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CIMA Technical Note on UK withdrawal from the European Union

Unfortunately, this does bring in some uncertainty into the signing off of reporting standards.
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Government Advice on Business Trips and Activities in the EU

For those travelling to the EU, Switzerland, Norway, Iceland or Liechtenstein for work, the UK Government have provided some advice for business trips and visits to EU countries.

New rules on professional qualifications

While you are unlikely to be travelling under the current restrictions, you will need to prepare yourself for selling services to the EU as you may need to get your professional qualifications recognised.

SME Brexit Support Fund

On 11 February, HMG announced the £20 million SME Brexit Support Fund to help small businesses deal with changes to trading with the EU. Click the link below for further guidance on the fund and how businesses will be able to apply when the scheme goes live

New Video explainers on Post-Transition Rules - for SMEs

The UK has agreed a deal with the EU and rules for doing business have changed. To understand the changes and check your business is ready register now for instant access to on demand video explainers on areas including exports, imports, tariffs, data and hiring. New rules are here, act now to keep your business moving.

FRC issues Brexit-related financial reporting guidance, amendments to FRS

The UK’s Financial Reporting Council issued financial reporting guidance and FRS amendments relating to the end of the Brexit transition period.

Full article

FCA issues advice on financial services as Brexit trade deal agreed

As the UK and the EU agreed a post-Brexit trade deal on 24 December, the UK’s Financial Conduct Authority issued guidance for financial services firms in order for them to prepare for the end of the transition period.

Full article

EU and UK clinch narrow Brexit accord

Britain clinched a narrow Brexit trade deal with the European Union on Thursday, just seven days before it exits one of the world's biggest trading blocs in its most significant global shift since the loss of empire.

The deal means it has swerved away from a chaotic finale to a tortuous divorce that has shaken the 70-year project to forge European unity from the ruins of World War II.

Full article