UKEB celebrates successful first year

The UKEB has marked one year since receiving delegated powers from the Business Secretary on 22 May 2021.

In a successful inaugural year of achievement, the UKEB has:

• Adopted its first major standard, IFRS 17 Insurance Contracts, and 6 narrow scope amendments;
• Issued 12 final comment letters to the IASB including on their future agenda;
• Held 14 public consultations;
• Developed a Due Process Handbook;
• Established influencing and thought leadership strategies.

Looking ahead, the UKEB will continue to build on its global influencing responsibilities as the UK’s voice on IFRS, including on the IASB’s upcoming intangibles project and other key areas of interest for UK stakeholders. High quality international financial reporting standards are key to ensuring transparency and comparability of financial information and the smooth functioning of capital markets.

The UKEB’s Chair, Pauline Wallace said:  

“I would like to thank all stakeholders who have contributed to and supported our work in what has been an incredibly successful first year. I am also very grateful for the hard work and invaluable contribution of UKEB Board Members and the UKEB Secretariat. We can already see the impact that our activities are having on the development of IFRS.

The UK has always had an important role to play in influencing the development of high quality international financial reporting standards and I look forward to building on our influencing and thought leadership at the international level.”