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Brexit and financial reporting - Part two

Brexit and financial reporting – Part two

Uncertainty could impact KPIs

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The uncertainty around Brexit may impact a company’s balance sheet and profit or loss – and therefore its KPIs.

It presents challenges to many companies – both UK and non-UK – when preparing estimates and forward-looking assessments.

To follow up on the last episode, Tim Copnell, Pamela Taylor and Irina Ipatova look in more detail at some of the specific international financial reporting challenges arising from Brexit.

Listen on: >iTunes   >Spotify  >Google Play

 

“Last time we focused on disclosures (but) there are also potential implications for the numbers companies are reporting in their financial statements, and – therefore – those all-important KPIs.”

Tim Copnell
Head of the Audit Committee Institute at KPMG in the UK

 

“Usually, on a journey, you know your route and can read the signs. But with Brexit, the existing highway has roadworks and so you don’t know if you’ll be diverted off your current course and what alternative route you’ll need to take. Brexit makes it harder for you to plan and therefore more challenging for you to come up with your assumptions…”

Irina Ipatova
Director, KPMG International Standards Group

 

““Preparing future cash flow estimates is commonplace, but factoring in this level of uncertainty may not be something you have to deal with on a daily basis – so make sure you leave enough time and have enough resource for this...”

Pamela Taylor
Director, KPMG in the UK

 

A full transcript (PDF 626 KB) of this episode is also available. 

Visit our IFRS Today landing page to view other episodes in this series.

For discussion of some of the wider issues businesses face in the run up to the UK’s departure and beyond, listen to The Business of Brexit – the podcast series produced by KPMG in the UK


© 2019 KPMG IFRG Limited, a UK company, limited by guarantee. All rights reserved.

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