UK Endorsement BoardBoard Members
How to applyAbout the UK Endorsement Board
The UKEB was established to serve the UK public interest, by contributing to the research and development of high-quality international accounting standards suitable for UK adoption. The UKEB is committed to upholding the high quality of IFRS accounting standards and supporting economic growth through building on the UK’s position as a leading financial centre.
The UKEB was established in March 2021 and was delegated statutory powers by the Secretary of State for Business, Energy and Industrial Strategy (BEIS) in May 2021. Following the dissolution of BEIS in February 2023, the Secretary of State for Business and Trade now has oversight responsibility in respect of UKEB’s technical work. The Financial Reporting Council has oversight responsibility in respect of UKEB’s governance and due process procedures.
The UKEB is an independent decision-making body, guided by the key principles of accountability, independence, transparency and thought leadership. It needs to be driven by a Board which is not only technically strong, but which is credible in accounting standard-setting circles globally and is able to engage effectively with the international accounting community through its Independent Board Members. This is particularly salient in a potentially uncertain economic environment, as is the ability to promote the UK’s views and interests in a global sphere with clarity, integrity and commitment.
The Board is responsible for:
- influencing the development of IFRS accounting standards. The UKEB will contribute to debates on all IASB projects, consult with UK stakeholders to obtain their views and highlight any concerns to the IASB at every stage of their project, including the development of its agenda and post-implementation reviews.
- following the process for the endorsement and adoption of IFRS accounting standards specified in legislation. The UKEB will decide on whether to adopt IFRS accounting standards for application by UK companies.
- providing thought leadership. The UKEB will undertake research and contribute to the development of financial reporting internationally. It will also undertake to inform and educate UK and international stakeholders on developments in financial reporting.
- complying, at all times, with the UKEB’s four guiding principles of transparency, accountability, independence and thought leadership.
Board members are appointed by the UKEB Chair with the approval of the Secretary of State.
Board members are subject to the Cabinet Office Code of Conduct for Board Members of Public Bodies and the requirement to understand and comply with these principles underpins this process.
Members of the UKEB may not be employees of the FRC nor sit as members of the FRC Board or its committees or advisory panels.
