Insights: Potential Impact of Brexit

Canadian entities will be affected by Brexit depending on the degree to which they are exposed to the UK or the EU and company-specific circumstances.

There are certain matters that may require management’s immediate attention in preparing year-end 2016 annual financial statements and the first interim set of 2017 statements.  In the near-term, the decline in value of the Canadian dollar relative to the British pound could have a material impact on the measurement of various financial statement items and on the translation of financial statements and end-of-reporting-period balances denominated in GBP, the euro, or other foreign currencies. 

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