The UK Endorsement Board (UKEB), the body tasked with endorsing and adopting international accounting standards now that the UK has left the EU, has officially launched
Regulations made in 2019 conferred the endorsement and adoption of international accounting standards function to secretary of state for Business, Energy and Industrial Strategy (BEIS) at the end of the transition period, which concluded on 31 December.
These powers are set to be delegated to the UKEB in early 2021.
The UKEB’s role includes the endorsement and adoption of new or amended international accounting standards issued by the International Accounting Standards Board for use by UK companies, from 1 January 2021.
It will report to BEIS on technical matters and to the Financial Reporting Council (FRC) board on its governance and due process procedures.
The UKEB website has now been launched. It will provide access to all key developments in relation to the UKEB and its work, including UK-adopted international accounting standards, the UKEB adoption status report, UKEB appointments and meetings agendas and minutes, and the UKEB work plan.
Former PwC partner Pauline Wallace, who has been appointed the first UKEB chair, said: ‘The UK Endorsement Board will be guided by certain principles when fulfilling its responsibilities in influencing the development of international accounting standards and their subsequent adoption for use in the UK.
‘These principles include accountability, independence, transparency and thought leadership.
‘I am delighted to launch the website. It will be an important platform for the Board to conduct its activities transparently as well as keeping stakeholders up to date with all news and events.’
The website supports access from a range of devices, including mobile, and allows subscribers to receive email alerts on the UKEB’s activities. Individuals can subscribe to the website by sending an email to firstname.lastname@example.org.