UKEB Celebrates Five Years as the UK’s National Standard Setter

The UK Endorsement Board (UKEB) marked its fifth anniversary today. Since the first public Board meeting in March 2021, the UKEB has built a reputation as an influential national standard setter.

During its first 5 years the UKEB has:

• Adopted for application in the UK two major international accounting standards, IFRS 18 Presentation and Disclosure in Financial Statements, and IFRS 17 Insurance Contracts, as well as 25 amendments to other extant international accounting standards;
• Issued 34 comment letters to the IASB and ISSB;
• Delivered influential thought leadership projects, including on connectivity, cash flows and intangible assets.

This work helps underpin the quality of corporate reporting in the UK, and worldwide, supporting investor confidence and encouraging economic growth.

The UKEB is hugely indebted to the support and energy of all its actively engaged stakeholders and appreciates their valuable insights, which have helped make these achievements possible.

The UKEB will continue to work to influence the IASB’s upcoming projects and represent the interests of UK stakeholders.

The UKEB’s Chair, Paul Lee said:

“Thank you to all our thoughtful and active stakeholders who have supported and contributed to our work over the past five years. I am also grateful for all the hard work and important contributions made by the UKEB Board Members, both past and present, and by our excellent Secretariat team. We have come a long way since being forged in lock-down, have built a strong global reputation, and have delivered a number of key projects over our short life. I look forward to the future with confidence.

The UKEB intends to continue to represent UK views on the development of IFRS on the international stage. High quality international financial reporting standards are a key part of market confidence and play an important role in the UK’s position as a leading global investment market. We will continue to help ensure that the quality of those standards is maintained and enhanced, helping to lower the cost of capital for UK business and so foster economic growth.”