Guiding Principles

Accountability of the UKEB

Be responsible to its oversight body, the FRC, for compliance with its governance and due process procedures.
Be responsible to the Secretary of State for the performance of the statutory functions.
Provide a clear rationale its decisions.
Consult with UK stakeholders affected by financial reporting and analyse the potential impact of IASB proposals.
Undertake assessments of the IASB’s proposals against the endorsement criteria.
Undertake its activities and due process procedures in a timely way.
Undertake relevant impact assessments in line with the administrative and legal requirements of the BEIS Better Regulation Framework.

Ensure it acts in the UK’s long term public good.
Be independent from other organisations or stakeholder groups, including the FRC and the Department, in respect of its technical decision-making.

Lead the UK debate on international accounting standards and reporting.
Represent UK views in international fora with the aim of influencing debate.
Engage with accounting and reporting and endorsement and adoption bodies in other jurisdictions, in order to improve influence and develop best practice.
Be a significant and positive participant in the development of global accounting standards.

Determine its technical decisions after having assessed the relevant evidence received and followed its Due Process Handbook.
Undertake its activities in a transparent manner, so that stakeholders can understand how the decisions reached have been made.
Make documents and comment letters received publicly available on a timely basis so far as is consistent with its legal obligations.