UK Framework

UK law

Delegation of statutory functions to UKEB 

Statutory Instrument (SI) 2021/609 The International Accounting Standards (Delegation of Functions) (EU Exit) Regulations 2021 

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 Statutory Instrument (SI) 2019/685 International Accounting Standards and European Public Limited-Liability Company  (Amendment etc.) (EU Exit) Regulations 2019 

UK-adopted international accounting standards

Click to access On-shores of EU-adopted IAS at end of Transition Period 

Sets out statutory functions of UK Framework

  • Adopt international accounting standards for use within the UK when they meet the statutory criteria
  • Pro-actively influence the development of a single set of global international financial reporting standards

Includes endorsement and adoption criteria and consultation requirements

Endorsement and adoption criteria 

Terms of Reference of UK Endorsement Board

Click to access the Terms of Reference of the UK Endorsement Board, which have been set by the BEIS Secretary of State and adopted by the UK Endorsement Board on 26 March 2021.

Memorandum of Understanding between Secretary of State for BEIS, FRC and UK Endorsement Board

The Memorandum of Understanding is between the the Secretary of State for Business, Energy and Industrial Strategy (Secretary of State for BEIS), the Financial Reporting Council Limited (FRC) and the UK Accounting Standards Endorsement Board (UK Endorsement Board).  Its purpose is to set out the framework and working relationships for delivery of the delegated statutory functions.