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UK Endorsement Board receives delegated powers

  • UK Endorsement Board (UKEB) Image

27 May 2021

On Friday 21 May 2021, the Secretary of State for Business, Energy and Industrial Strategy (BEIS) delegated statutory powers to the 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.  Pauline Wallace was appointed Chair in September 2020 and inaugural UKEB Board members were appointed in March 2021.

The International Accounting Standards (Delegation of Functions) (EU Exit) Regulations 2021 are available here.

Correction list for hyphenation

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