The Consequences of Brexit for Companies and Company Law

Böckli, Peter; Davies, Paul; Ferran, Eilís; Ferrarini, Guido; García, José María Garrido; Hopt, Klaus J.; Opalski, Adam; Pietrancosta, Alain; Roth, M.; Skog, Rolf; Sołtysiński, Stanisław; Winter, Jaap; Winner, Martin; Wymeersch, Eddy

doi:10.2139/ssrn.2926489

Cited by 5 publications

(7 citation statements)

References 27 publications

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“…However, following the referendum on June 23, 2016, in which the British decided to leave the EU, and the notification to the European Council on March 29, 2017, of the UK's intention to leave the Union, the consequences were quickly felt across all legal systems, both in the UK and the EU (Böckli et al, 2017), and in trade relations with Asia (Wu, 2020). This resulted in tension between the two systems of recognition of foreign companies.…”

Section: I U D M Y L a S H K U L I P Amentioning

confidence: 99%

“…Second, there is growing interest in the consequences of Brexit for various aspects of British politics (Inglehart & Norris, 2016;Trueblood, 2020;Meyenburg, 2022), and social and economic phenomena (Arnorsson & Zoega, 2016;Ringe, 2018;Heald & Wright, 2019;Howley & Waqas, 2020), including accounting (Böckli et al, 2017;Heald & Wright, 2019;Boulhaga et al, 2022) and taxation (Strobel, 2017). Further development of accounting and financial reporting, audit and taxation rules in the UK depends on whether the UK remains in the EU single market.…”

mentioning

confidence: 99%

“…For example, research began in 2016 after the first Brexit vote. In particular, there was a study (Böckli et al, 2017) that discussed the inconsistencies that would arise in cross-border accounting standards and auditors' activities. Source: compiled by the author using the data of Wiley Online Library.…”

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confidence: 99%

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New Guidelines for the Application of International Accounting and Reporting Standards After Brexit

Shkulipa¹

2023

JEE

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The UK’s exit from the EU is currently being studied not only as a major change in geopolitics, but also as a precursor to economic factors that create many accounting and taxation issues between Dublin, London and Brussels. The paper aims to review, identify and predict new guidelines for the application of International Financial Reporting Standards (IFRS) after the UK’s exit from the EU. Three possible benchmarks for the development of British accounting and auditing system after Brexit are identified. The article makes a significant contribution to the research by analytically assessing the UK’s accounting regulations after its exit from the EU, and comparing the functions of the new financial accounting board in London with those of the previous board. The study helps to define the guidelines for the further application of accounting standards in the UK and to highlight the prospects for the development and application of IFRS, both in the short and long term. For Ukraine, at a time of potential accession to the EU in 2024-2025, these issues are also relevant, as the UK, in addition to the EU, has become a significant economic partner for Ukraine during the war.

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Section: I U D M Y L a S H K U L I P Amentioning

confidence: 99%

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confidence: 99%

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New Guidelines for the Application of International Accounting and Reporting Standards After Brexit

Shkulipa¹

2023

JEE

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“…Craig (2016).12 Böckli et al (2017).13 Wu (2020).14 Bodellini (2017).15 Böckli et al (2017).16 Trueblood (2020). 17Inglehart and Norris (2016).…”

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confidence: 99%

Political and Economic Aspects of Brexit Impact on Accounting Legislation in the UK – New Directions in Standards (GAAP UK and IFRS)

Shkulipa¹

2023

Danube

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Post-Brexit is currently being researched as not only an important geopolitical change but also as an economically conflicted period that constantly generates many issues in finance, accounting, and taxation. This paper aims to consider, identify and forecast – whether and what – the new directions for the development of IFRS and GAAP UK after Brexit. The research methods are based on a deductive research approach with elements of descriptive content analysis. The results of the study helped to determine the development direction of accounting in the UK after Brexit in the short term – the continued application of IFRS, adopted by the EU. However, it is obtained that the task of the British government – to harmonize its sovereignty with IFRS, taking into account the requirements of the EU – is being successfully implemented. So, the direction of the development of British accounting in the future – is the creation of its mechanism for the approval of national standards, controlled by the government. However, the British accounting system and IFRSs have many unresolved issues after Brexit that might be the subject of future studies.

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“…Gelter and Reif (2017).2 Armour et al (2017);Schillig (2016);Böckli et al (2017).3 European Commission, 'Notice to Stakeholders: Withdrawal of the United Kingdom and EU Rules on Company Law', 21 November 2017.…”

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confidence: 99%

Revisiting Legal Capital

Ferran

2019

Eur Bus Org Law Rev

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This paper argues for the UK to revisit the legal capital (maintenance of capital) doctrine. Leaving the EU could present an opportunity but to reform legal capital just because Brexit may make it possible to do so would have little merit. Three more substantial reasons for revisiting legal capital are developed: the evidence against legal capital being an effective bulwark against short termist corporate behaviour has continued to stack up; difficulties associated with applying legal rules on distributions in the context of modern financial reporting requirements have persisted; and we have a clearer sense of how creditors' interests are affected by moving away from legal capital to solvency standards. The paper locates the need to revisit legal capital within the broader agenda for a system of effective corporate governance and regulation that supports economically worthwhile and sustainable business activity.

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The Consequences of Brexit for Companies and Company Law

Cited by 5 publications

References 27 publications

New Guidelines for the Application of International Accounting and Reporting Standards After Brexit

New Guidelines for the Application of International Accounting and Reporting Standards After Brexit

Political and Economic Aspects of Brexit Impact on Accounting Legislation in the UK – New Directions in Standards (GAAP UK and IFRS)

Revisiting Legal Capital

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