Draft Statutory Instrument on the Delegation of functions relating to the adoption of IFRS from Secretary of State to UKEB has been published

We would like to inform you that the International Accounting Standards (Delegation of Functions) (EU Exit) Regulations 2021 were laid in Parliament on 1 February and have now been published here:

https://www.legislation.gov.uk/ukdsi/2021/9780348219562/contents   

The Regulations will delegate certain functions relating to the adoption of IFRS from the Secretary of State to the UK Endorsement Board (UKEB).The delegation will be completed once the Regulations have been approved by Parliament.

The UKEB will operate under a Terms of Reference set by the Secretary of State.  This document outlines the UKEB’s role and responsibilities; the process for appointing UKEB members; the composition requirements for the Board; and arrangements relating to meetings and voting on adoption of IFRS. The Chair and Board Members will be required to comply with the Terms of Reference as a condition of their terms of appointment. Click here for a copy of the draft Terms of Reference