Statutory Functions
The UKEB's statutory functions define its core purpose and are set out in statutory legislation. Further aspects of UKEB's governance framework are set out in a Memorandum of Understanding, Terms of Reference and a Policy paper “Framework and Terms of Reference for the Development of UK Sustainability Reporting Standards”.
Delegation of Statutory Functions to UKEB
Statutory Functions Relating to International Accounting Standards
Statutory Instrument (SI) 2019/685 International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019
Memorandum of Understanding
The Memorandum of Understanding, between the the Secretary of State for Business, Energy and Industrial Strategy, the Financial Reporting Council and UKEB, sets out the framework and working relationships supporting delivery of UKEB's delegated statutory functions.
UKEB Terms of Reference
The UKEB Terms of Reference sets out core aspects of UKEB's governance framework.
UKEB Responsibilities relating to IFRS Sustainability Disclosure Standards or UK Sustainability Reporting Standards
The UKEB is responsible for providing information on any connectivity matters between IFRS Sustainability Disclosure Standards or UK Sustainability Reporting Standards and UK-adopted international accounting standards.
It also is a member of:
- Technical Advisory Committee (TAC): The TAC provides advice and recommendations to the Secretary of State for the Department for Business and Trade (DBT) for the purpose of making endorsement decisions.
- Policy and Implementation Committee (PIC): The PIC is responsible for co-ordinating implementation decisions taken by DBT and the FCA.
These responsibilities are set out in the Policy paper “Framework and Terms of Reference for the Development of UK Sustainability Reporting Standards”. The Policy paper summarises the overall ‘endorsement’ and ‘implementation’ framework for the development of UK Sustainability Reporting Standards. UKEB responsibilities and PIC membership can be found in Section C, paragraph 6. TAC membership can be found in Section B, paragraph 14.
UK Sustainability Disclosure Standards
For further information relating to UK Sustainability Disclosure Standards.