Date: 26 May 2021
On Friday 21 May 2021, the Secretary of State for Business, Energy and Industrial Strategy (BEIS) delegated statutory powers to the newly established UK Endorsement Board (UKEB). Under its delegated functions, the UKEB will play a pivotal role in influencing the development of international financial reporting standards (IFRS) and is responsible for the endorsement and adoption of IFRS for use by UK companies.
Legislation to formally establish the UKEB was passed in April 2021. It reports to the Secretary of State for BEIS on technical matters and to the Financial Reporting Council (FRC) on its governance and due process procedures. Following a rigorous and transparent appointment process led by BEIS, Pauline Wallace was appointed Chair in September 2020 and inaugural UKEB Board members were appointed in March 2021.
Business Minister Lord Callanan said:
“This is a major milestone for the Endorsement Board, which will ensure the UK has a strong voice in the development of global standards for corporate reporting.”
“High-quality international accounting standards support the flow of global investment, the newly-empowered Endorsement Board has the expertise and resources to ensure the UK remains at the forefront of this agenda.”
UKEB Chair, Pauline Wallace said:
“The delegation of statutory powers is an important milestone for the UKEB and I am grateful for the significant work undertaken by BEIS, members of the UKEB Secretariat and the FRC. The UKEB is committed to upholding the highest international financial reporting standards and building on the UK’s position as a leading financial centre. The work of the UKEB will be guided by our principles of accountability, independence, transparency and thought leadership.”
FRC Chief Executive, Sir Jon Thompson said:
“The UKEB will play a leading role in the development of global financial reporting standards, maintaining the UK’s standing as a world leader in corporate reporting. The delegation of powers will allow the UKEB to effectively carry out this work. I look forward to working with the UKEB as it undertakes its important work.”
Notes to Editors:
UKEB Board meetings will include observers with speaking rights from relevant organisations, including government departments and regulators, such as BEIS, the FRC, HM Treasury, HM Revenue and Customs, the Financial Conduct Authority and the Bank of England. Observers with speaking rights may offer technical and policy insight on the implications of new or amended IFRS relevant to their area of expertise.
UKEB is committed to independence and transparency of its technical agenda. Board papers are made available on its website, ahead of meetings, and members of the public can register to attend or watch recordings uploaded on the UKEB website.