Minutes of UKEB Public Meeting 23 April 2026
Meeting Date/Time: 23 April 2026 at 10:00 hrs
Meeting Location: 1 Harbour Exchange, Harbour Exchange Square, London, E14 9GE
The recording of the meeting and the agenda papers have been made available on the UKEB’s website.
PRESENT:
| Name | Designation |
|---|---|
| Paul Lee | Chair |
| Cynthia Alers | Member |
| Amir Amel-Zadeh | Member (items 4 – 10) |
| Mike Ashley | Member |
| Tony Clifford | Member |
| Owen Glaysher | Member |
| Mark Gregory | Member |
| Sue Harding | Member |
| Edward Knapp | Member |
| Mike Metcalf | Member |
| Rob McPheely | Member |
| Peter Reilly | Member |
| Javed Siddiqui | Member |
| Gail Tucker | Member |
| Mark Chandler | Official Observer, HM Revenue and Customs |
| Debbie Crawshawe | Official Observer, Department for Business and Trade |
| Olga Fraser | Official Observer, Financial Conduct Authority |
| Andrew Murray | Official Observer, Bank of England |
| Alexander Owen | Official Observer, Financial Reporting Council |
1. Welcome and Apologies
a) The Chair noted that the meeting was being recorded, and the recording would be published on the UKEB website after the meeting.
b) There were no apologies.
2. Declarations of Interest
a) There were no declarations of interest to note.
3. Administrative Matters
a) The Board approved the minutes of the previous meeting held on 26 March 2026 for publication on the website. (Decision)
Endorsement and Adoption
4. IFRS 19 Subsidiaries without Public Accountability: Disclosures
a) The Board considered:
- i. The reduced disclosure requirements set out under the subheading ‘IFRS 14 Regulatory Deferral Accounts’ in IFRS 19 which are not included in the scope of the adoption assessment. The Board agreed to enclose the IFRS 14 reduced disclosures, set out in paragraphs 98-102 of the UK-adopted version of IFRS 19, in a box, shaded grey with a footnote added to clarify that they are not applicable, as IFRS 14 has not been adopted for use in the UK. (Decision)
- ii. The reference to IFRS Accounting Standards in paragraph 7(c) of IFRS 19 and asked the Secretariat to clarify in the Feedback Statement that the reference to IFRS Accounting Standards means UK-adopted International Accounting Standards. (Decision)
b) The Board considered and approved, subject to the comments made at the meeting and final review by the Chair, the Endorsement Criteria Assessment (ECA), the FBS and the [Draft] Due Process Compliance Statement (DPCS) for IFRS 19 Subsidiaries without Public Accountability: Disclosures. (Decision)
c) Twelve of the 14 members present at the meeting voted tentatively to approve IFRS 19 Subsidiaries without Public Accountability: Disclosures for use in the UK. Two new Board members abstained; having only recently joined the Board, they were not party to the discussions leading up to this vote. (Decision)
d) The Board will be issued with ballots, together with the other relevant documents, to provide their formal written votes. The finalisation of that formal written vote will commence the process for publication of the Standard in line with the Board’s Terms of Reference.
e) The Board agreed that the final DPCS would be presented, for noting, at the May 2026 Board meeting. (Decision)
5. IAS 21 Translation to a Hyperinflationary Presentation Currency
a) The Board considered the [Draft] ECA and related Invitation to Comment (ITC) to assess whether to adopt, for use in the UK, Translation to a Hyperinflationary Presentation Currency (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates). The narrow scope Amendments have an effective date of 1 January 2027, with earlier application permitted, subject to the UKEB adoption for use in the UK.
b) The Board was reminded that a proportionate and light touch approach was applied to this project.
c) Subject to the comments made at the meeting, the Board approved the [Draft] ECA and ITC for publication on the UKEB website, with a 90-day comment period. (Decision)
Influencing
6. IAS 28 Amendments to the Fair Value Option
a) The Board considered a Final Comment Letter (FCL), FBS and [Draft] DPCS in response to the IASB’s Exposure Draft Amendments to the Fair Value Option for Investments in Associates and Joint Ventures.
b) The Board noted that the UKEB had received six comment letters and advisory group feedback on its Draft Comment Letter (DCL). The feedback was broadly supportive of the UKEB’s comment letter. In addition, two responses sent directly to the IASB, as part of their outreach, highlighted and recommended the IASB redraft paragraph 18 in line with the wording proposed in the UKEB's Comment Letter.
c) The Board approved:
- i. the FCL for submission to the IASB and publication on the UKEB website. (Decision)
- ii. The FBS for publication on the UKEB website. (Decision)
- iii. The [Draft] DPCS and agreed that the final DPCS would be presented, for noting, at the May 2026 Board meeting. (Decision)
7. Risk Mitigation Accounting: Proposed amendments to IFRS 9 and IFRS 7: Verbal Update
a) The Board received a verbal update on the status of the DCL. Board members’ feedback is being incorporated, and the DCL is being finalised for publication the week commencing 27 April 2026, with a comment period of approximately 60 days. Stakeholder outreach will continue and will be considered in the development of the FCL.
b) The Board received an update on the discussion held at the Financial Instruments Working Group (FIWG) the previous day.
Monitoring
8. Advisory Groups Update
a) The Board received an update from the chairs of the Academic Advisory Group and the FIWG, including an overview of the discussions at their recent meetings, for which the minutes were expected to be published after the Board meeting.
9. Items for Noting
a) The Board noted the following papers:
10. Any other business
a) There was no other business.
The meeting ended at 12:06 hrs.