Minutes of UKEB Public Meeting 16 July 2026

Meeting Date/Time: 16 July 2026 at 10:00 hrs Meeting Location: Novotel London Tower Bridge, 10 Pepys Street, EC3N 2NR

The recording of the meeting and the agenda papers have been made available on the UKEB's website.

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)The Board noted apologies from Owen Glaysher.

c)The Board had received an education session on the UKEB Post-implementation Review of IFRS 17 Insurance Contracts on 14 July 2026.

2. Declarations of Interest

a)The Board noted the following declaration:

i.Rob McPheely's employer is involved in rate-regulated activities.

3. Administrative Matters

a)The Board approved the minutes of the previous meeting held on 25 June 2026 for publication on the website. (Decision)

Endorsement and Adoption

4. IAS 28 Amendments to the Fair Value Option

a)The Board considered the [Draft] Endorsement Criteria Assessment (DECA) and related Invitation to Comment (ITC) for the IASB's Amendments to the Fair Value Option (IAS 28). The Board noted that IASB has identified this as an urgent issue connected to some entities' application of IFRS 18 Presentation and Disclosure in Financial Statements. IFRS 18 is effective for reporting periods beginning on or after 1 January 2027.

b)Subject to the comments made at the meeting, and final approval by the Chair, the Board approved the DECA and ITC for publication on the UKEB website, with a minimum 80-day comment period. (Decision)

Thought Leadership

5. Intangible Assets

a)The Board discussed the draft Intangible Assets Research Report on the case study phase of the project and the proposal for its publication. The report summarises the findings from stakeholder outreach, including the cross-cutting themes and overarching questions that emerged during that phase of the project.

b)The Board agreed that the report provides a useful summary of the stakeholder outreach findings and reflects the evidence gathered through the case studies and workshops. Board Members emphasised the value of making the comprehensive summary of stakeholder evidence available and supported publication of the report subject to some revisions.

c)The Board observed that further work on the topic is scheduled to take place in due course and will include further consideration of the findings included in the report.

d)Subject to addressing comments at the meeting and final approval by the Chair, the Board approved the final research report for publication, expected to be in the early autumn. (Decision).

UKEB Related

6. UKEB Accounting Officer discussion on UKEB Due Process Handbook

a)The Board welcomed Richard Moriarty to the meeting.

b)Mr Moriarty supported the Board's ambitions to simplify its Due Process Handbook, including streamlining processes and better reflecting the Board's proportionate and efficient approach. Mr Moriarty emphasised the need for efficient allocation of funding and resources, and ensuring resources are deployed on the priority activities.

c)Mr Moriarty referenced the importance of the UKEB's role in influencing international standard-setting and the endorsement of IFRS for use in the UK. He encouraged greater collaboration and sharing of resources alongside the FRC's standard-setting teams to improve efficiency, recognising the overarching financial constraints. The Board emphasised its commitment to supporting growth in the economy and highlighted the role played by international standards in reducing the costs and burdens on UK businesses trying to attract capital in international capital markets.

d)The Board thanked Mr Moriarty for his time.

7. UKEB Due Process Handbook Review

a)The Board considered a simplified and streamlined [Draft] revised Due Process Handbook (DPH), intended to ensure the Board's documented processes are aligned with its proportionate approach towards its work, while retaining all statutory requirements. Members were broadly supportive of the approach but requested that the principle of proportionality be stated more clearly throughout the document.

b)The Board emphasised the need to avoid unnecessary procedural burdens. Members requested that the term 'milestones' be replaced with more flexible language such as phases or project elements. There was also concern that lists of suggested activities could create a checklist mentality and require the Secretariat to justify steps that were not undertaken, contrary to the goal of proportionality. At the same time, the Board recognised the need to maintain transparency of the processes to be followed and provide stakeholders with clear opportunities to engage in projects.

c)The Board requested that the Secretariat redraft elements of the handbook, including clarifying voting provisions and the treatment of dissenting views, the advisory groups section, improving the description of a 'significant change in accounting practice', and strengthening the proportionality message.

d)The Board suggested that a consultation question could include whether the [Draft] revised DPH successfully balances transparency, accountability and stakeholder engagement with a more proportionate approach.

e)The [Draft] revised DPH will be shared with the Board in advance of the September 2026 Board meeting.

f)Subject to the comments made at the meeting, the Board agreed that the content for the [Draft] revised DPH consultation package will be brought to its September 2026 meeting for approval to publish for public consultation. (Decision)

8. UKEB Research Strategy

a)The Board discussed a proposed research strategy, developed in response to the feedback from stakeholders during the consultation on its Regulatory Strategy 2026/27. That feedback identified areas where the UKEB could provide thought leadership consistent with its statutory role to contribute to the development of high-quality international accounting standards and to influence the work of the IASB.

b)The Board agreed that research on intangibles remained a priority, along with targeted work on environmental credits and cryptoassets. The Board emphasised the need to focus resources where the UKEB can influence IASB activity while ensuring any new research is practical, well-scoped and coordinated with existing work in the market.

c)The Board considered a Project Initiation Plan (PIP) for descriptive research on cryptoassets. The Board suggested that the Secretariat refine the scope to include digital assets. In addition, consideration should be given to both asset and liability accounting issues and ensure existing work by organisations such as ICAEW and FASB is taken into account.

d)Subject to the comments made at the meeting, the Board approved the UKEB Research Strategy and PIP for cryptoassets descriptive research for publication on the UKEB website. (Decision)

9. UKEB Post-implementation Review of IFRS 17 Insurance Contracts

a)The Board discussed the contents of the draft Request for Information (Rfl) for the UKEB Post-implementation Review (PIR) of IFRS 17 Insurance Contracts. As part of the Board discussion, the members recommended that the Rfl should explore additionally:

i.The impact of the adoption of IFRS 17 on the international competitiveness and comparability of UK insurers.

ii.The use of IFRS 17 metrics and Alternative Performance Measures (APMs) by UK stakeholders.

iii.Whether there has been any change in UK stakeholders' views, such as where there has been a larger than expected impact or where there may have been unintended consequences.

b)The Board also suggested certain refinements to the draft Rfl to improve its clarity to UK stakeholders, such as including the list of priority and significant issues considered by the UKEB in its IFRS 17 Endorsement Criteria Assessment.

c)The Board noted that the final draft Rfl will be presented at its September 2026 meeting for approval to publish for stakeholder consultation.

Monitoring

10. IASB General Update

a)The Board noted updates on various projects being considered by the IASB, including: Amortised Cost Measurement; Equity Method; and the list of other IASB Projects.

11. IFRS Interpretations Committee Update

a)The Board agreed that the Secretariat should undertake preliminary research on, and continue to monitor, the new pipeline item Sale of FVOCI equity instruments when consideration differs from fair value (IFRS 9). (Decision)

b)The Board agreed that the UKEB should not respond to the Committee's ITC on the following tentative agenda decisions open for comment: (Decision)

i.Management-defined Performance Measures – Hypothetical Income and Expenses (IFRS 18).

ii.Management-defined Performance Measures – Public Communications (IFRS 18).

iii.Classification of Income and Expenses from Cash and Cash Equivalents (IFRS 18).

iv.Classification of Income and Expenses when an Entity Has a Main Business Activity of Providing Financing to Customers (IFRS 18).

V.Control Assessment for a Single-investor Fund (IFRS 10).

vi.Assessment of Specified Main Business Activities for a Manufacturer-Lessor (IFRS 18).

vii.Labels of Subtotals (IFRS 18).

viii.Presentation of Operating Expenses (IFRS 18).

c)The Board noted that a new item Assets that generate returns individually and largely independently of an entity's other resources (IFRS 18) had recently been added to the Committee's pipeline. An update will be provided at its September 2026 meeting.

12. Advisory Groups Update

a)The Board received an overview of the discussions at the recent meeting of the Financial Instruments Working Group. The Board noted the members of the working group had been informed that, from September 2026, the group would change status from a working group to a formal Board advisory group, the Financial Instruments Advisory Group, chaired by Tony Clifford.

13. Items for Noting

a)The Board noted the following papers:

i.Technical Advisory Committee.

ii.Sustainability Update.

14. Any other business

a)There was no other business.

The meeting ended at 14:25 hrs.