UK Endorsement Board establishes itself as the UK’s voice on IFRS following momentous inaugural year

Date: 18 January 2022

The UK Endorsement Board (UKEB) has published its 2022/23 Regulatory Strategy for consultation. The UKEB’s work is focused on influencing the development and adoption of high-quality financial reporting standards that promote the UK public good by ensuring transparency and comparability of financial information, and the smooth functioning of capital markets.

The financial year 2022/23 will see the UKEB maintaining its focus on those aspects of the IASB agenda that are of highest priority to UK stakeholders whilst continuing to establish the processes needed to reinforce its ability to achieve its strategic objectives and deliver on its statutory functions.

UKEB Chair, Pauline Wallace, said:

“2021 was a momentous inaugural year for the UKEB with the recruitment of the secretariat and the appointment of the Board, culminating in the delegation of our statutory responsibilities in May. Since then we have achieved a significant amount, including the publication of our first major Draft Endorsement Criteria Assessment on IFRS 17 ‘Insurance Contracts’, the development of a draft Due Process Handbook, which will be published for consultation shortly, and the establishment of our influencing and thought leadership strategies.

There is still much to do, but we have put in place solid foundations that we can build on and we look forward to continuing to ensure that the UK is seen as a thought leader and key influencer in international financial reporting.”

The 2022/23 Regulatory Strategy consultation will run until 1 March 2022. Respondents should submit their comments to by that date.

For operational reasons, the UKEB’s 2022/23 budget is incorporated within the FRC 3-Year Plan, which is being published for consultation at the same time.