Defining Issues | January 2019

Year-end Brexit disclosure considerations

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KPMG reports on disclosure considerations of Brexit. The SEC expects that issuers’ 2018 year-end reporting should provide robust disclosure about how management is considering Brexit and its effect on issuers and their operations.

Applicability

SEC registrants with operations in the UK and/or the EU, or with operations that rely on links with the UK.

Relevant dates

  • Effective immediately

Key impacts

  • The United Kingdom is scheduled to leave the European Union on March 29, 2019
  • Various scenarios, including a no-deal exit or an extended period of negotiations, remain possible at this stage
  • The SEC has highlighted Brexit as a specific area of focus

Report contents

  • Applicability
  • Key facts and impacts
  • Disclosure considerations

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