The UK’s Post Brexit relationship with the EU
Chief Executive — Management Accounting - Association of International Certified Professional Accountants
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.