The chairman appointed to lead a new board of directors that will approve and adopt international accounting standards at the end of the transition period is using international accounting standards in more than 125 countries. Will ensure that you can. Key role in the global development of these standards
Pauline Wallace has been appointed Founding Chair of the UK Accounting Standards Endorsement Board (UKEB).
The UKEB was set up to endorse and adopt new or revised international accounting standards on behalf of the UK at the end of the transition period.
The board will conduct research to bring the UK to the fore in developing opinions in the field of accounting. We will also actively contribute to the development of financial reporting internationally so that we can effectively express the UK’s views in this important area.
International accounting standards are used in more than 125 countries, including all G20 countries, to increase the transparency, accountability and efficiency of capital flows between countries.
It also facilitates cross-border investments by making it easy to compare accounts from multiple jurisdictions.
The UKEB will enable the UK to continue to play a leading role in international financial reporting and enable the UK to maintain its position as home to one of the most powerful capital markets in the world.
Lord Callanan, Minister of Corporate Responsibility, said:
Effective international accounting standards support important global investments.
The new UK Accounting Standards Approval Board will continue to maintain a say in how these standards are set, helping to make our country the best place in the world to start and grow business.
Pauline has a wealth of experience and knowledge in the field of accounting in the UK and is pleased to appoint her to this important role.
Pauline Wallace, chairman of the UK International Accounting Standards Approval Committee, said:
This is an important moment for the UK capital markets as it moves towards UK adoption of international accounting standards.
I am excited to have the opportunity to ensure that the UKEB is on this important mission and continues to play a key role in developing these standards globally.
Pauline Wallace Information
Pauline has over 30 years of experience in developing accounting standards as a practitioner and standards setter. As a partner at PwC, she formed and led the Global Financial Products Accounting Team before leading the UK Public Policy Team. After retiring from PwC, she served two terms on the FCA’s Regulatory Decisions Board and is now a member of the decision panel of the pension regulator. She is also the director of the Paradigm Trust, a multi-academy trust, and chair of the Audit and Risk Committee.
The UKEB regulations, enacted in 2019, give the Secretary of State the approval and adoption of the functions of international accounting standards for business, energy and industrial strategies at the end of the transition period. These powers are delegated to UKEB upon completion of formal operation. This is expected to occur in early 2021. This includes 7 to 14 members of the board of directors who will be elected after an open competition, approved and appointed by the chairman. From the Secretary of State, the Secretary of State is responsible for the approval and adoption of international accounting standards for an interim period, and until the board is fully operational, UKEB’s role includes the approval and adoption of new or modified international accounting standards issued by the international accounting standards. . The Accounting Standards Committee reports to the Secretary of State on technical issues and to the Financial Reporting Committee (FRC) Committee on governance and due process procedures. The Secretary of State will annually submit a UKEB report on the dismissal of the mandated function in Congress. UKEB Read more about the international accounting standards adopted by the UK. When preparing consolidated financial statements for the fiscal year beginning after the transition period, it is mandatory in the UK for listed companies. Read more about accounting standards for UK companies after the transition period ends.
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