Interaction between EU-adoption and UK-adoption
The UK left the EU at the end of the Transition Period on 31 December 2020.
Amendments to existing standards adopted by the EU and added to the EU Official Journal before the end of the Transition Period, are available for use by UK companies and form part of the UK-adopted international accounting standards.
IASB Amendments or Standards that were not adopted in the EU before the end of the Transition Period will need to be adopted by the UK.
UK companies wishing to use any IASB Amendments or Standards that have not been adopted by the EU by the end of the Transition Period in their 31 December 2020 accounts, will be able to use those Amendments or Standards only after they have been adopted for use in the UK.
Overview of endorsement criteria
- Standard is not contrary to the principle that the accounts must give a true and fair view
- Use of the standard is likely to be conducive to the long term public good in the UK
- Standard meets the criteria of understandability, relevance, reliability and comparability
Overview of long term public good assessment
- Whether likely to improve quality of financial reporting
- Costs and benefits
- Whether use of the standard is likely to have an adverse effect on the UK economy
Overview of BEIS impact assessment
- Objective of changes and their intended effect
- Direct costs and benefits to business (quantified where possible)
- Wider impacts, e.g.:
- Impact on trade and investment
- Impacts on small businesses
- Outreach with UK stakeholders
- Draft endorsement criteria assessments issued for public comment
- To request information on a specific project please contact us at UKEndorsementBoard@endorsement-board.uk
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