Guiding Principles
The UKEB is committed to acting, at all times, in accordance with its four guiding principles: Transparency; Accountability; Independence; and Thought Leadership.
Transparency
- 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.
Accountability
- Be responsible to the Secretary of State for the performance of the statutory functions.
- Be responsible to its oversight body, the FRC, for compliance with its governance and due process procedures.
- Provide a clear rationale for 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
- 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.
Thought Leadership
- 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.