Summary of UKEB 4th Private Session 9 July 2021 (Updated Summary)

PRESENT:

I. Administrative Matters

1.1Declaration of interests – Board Members declared that they had no conflict of interest in relation to the matters to be discussed in the meeting.

1.2Minutes of last meeting – The Board approved the proposed minutes for publishing on the website.

2. Freedom of Information training

2.1The Board received briefing on its responsibilities under the Freedom of Information Act.

3. BEIS Audit consultation: capital maintenance proposals

3.1The Board provided their input on the proposals for consideration by BEIS.

4. Technical Updates

4.1The Board noted the work plan and register of meetings with external stakeholders to be published on UKEB website.

5. Disclosure Requirements in IFRS Standards

5.1In preparation for the discussion scheduled on 20 July 2021, the Board received an education session on the IASB's project on Disclosure Requirements in IFRS Standards – A pilot Approach.

6. Draft Endorsement strategy

6.1The Board considered its strategy to endorsement and adoption of IFRS for use in the UK for incorporation in its Due Process handbook.

7. Thought leadership activities

7.1The Board discussed its preferred approach to thought leadership activities. They noted the importance of these activities for supporting and influencing the development of international accounting standards.

8. Approach to Advisory groups

8.1The Board considered a paper setting out Secretariat proposals on setting up standing advisory groups to obtain stakeholder feedback. It requested further development of the proposals for consideration at a future Board meeting.