Chair of UK accounting standards endorsement board appointed

Pauline Wallace, a former PwC partner, has been appointed as the inaugural chair of the UK Accounting Standards Endorsement Board (UKEB).

The UKEB has been set up to endorse and adopt new or amended international accounting standards on behalf of the UK, when the transition period comes to an end in early 2021.

It will report to the Secretary of State on technical matters and to the FRC Board on its governance and due process procedures. 

The board will conduct research to ensure that the UK is at the forefront of developing opinions in accounting. It will also actively contribute to the development of financial reporting internationally, helping to ensure that UK views are effectively represented in this important area.

Minister for corporate responsibility Lord Callanan said: “Effective international accounting standards support vital global investment. The new UK Accounting Standards Endorsement Board will ensure we continue to have a say in how those standards are set, helping deliver our aim to make our country the best place in the world to start and grow a business.”