Guiding Principles

Accountability of the UKEB

  • Be responsible to its oversight body, the FRC, for compliance with its governance and due process procedures.
  • Be responsible to the Secretary of State for the performance of the statutory functions.
  • Provide a clear rationale its decisions.
  • Consult with UK stakeholders affected by financial reporting and analyse the potential impact of IASB proposals.
  • Undertake assessments of the IASB’s proposals against the endorsement criteria. 
  • Undertake its activities and due process procedures in a timely way.
  • Undertake relevant impact assessments in line with the administrative and legal requirements of the BEIS Better Regulation Framework.

Independence of the UKEB

  • Ensure it acts in the UK’s long term public good.
  • Be independent from other organisations or stakeholder groups, including the FRC and the Department, in respect of its technical decision-making.

Transparency of the UKEB

  • Lead the UK debate on international accounting standards and reporting.
  • Represent UK views in international fora with the aim of influencing debate.
  • Engage with accounting and reporting and endorsement  and adoption bodies in other jurisdictions, in order to improve influence and develop best practice.
  • Be a significant and positive participant in the development of global accounting standards.

Thought leadership of the UKEB

  • Determine its technical decisions after having assessed the relevant evidence received and followed its Due Process Handbook.
  • Undertake its activities in a transparent manner, so that stakeholders can understand how the decisions reached have been made.
  • Make documents and comment letters received publicly available on a timely basis so far as is consistent with its legal obligations.

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