This document discusses the impact of Brexit on financial reporting. It notes that Brexit has created uncertainty that will impact UK businesses and those that do business in the UK. There has been an immediate impact on financial markets with currencies fluctuating. Entities will need to consider Brexit's effects when preparing financial reports. Directors must disclose risks from Brexit and its potential impact on business performance, financial position, debt covenants, and going concern assumptions. Financial statement values may also be affected by market volatility.