as a result of Brexit
Fabio Fabiani, Ernst & Young LLP
Fabio recapped the current status of the negotiations between the United Kingdom (UK) and the EU on the withdrawal agreement and the framework for the future relationship of the UK with the EU.
Fabio then proceeded to ask the audience what their main accounting-related concern is for 29 March 2019 (in relation to the 2018 financial statements), as a result of Brexit.
Fabio then focussed on the key accounting and reporting impacts on the 2018 financial statements as a result
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The data required for disclosures, particularly attribution analysis, has proven to be highly voluminous, making the preparations of disclosures a significant challenge. A further constraint that banks face is a shorter financial statement close process, which has resulted in a number of banks simplifying their financial statement disclosures for 2018. Banks will need to ensure that they maintain a flexible delivery model for disclosures going forward as the EBA, PRA and initiatives such as the Enhanced Disclosure Task Force (EDTF) finalise their expectations as stakeholders.