Extracts from Commons debate to consider the Draft International Accounting Standards (Delegation Of Functions) (EU Exit) Regulations 2021 - Apr 15
Friday, 16 April 2021 07:51
The Parliamentary Under-Secretary of State for Business, Energy and
Industrial Strategy (Paul Scully):...The UK Endorsement Board is
comprised of a group of experts with backgrounds and experience
across different sectors with a strong interest in the quality of
financial reporting in the UK. The board will be led by Pauline
Wallace, who was appointed as interim chair in September 2020.
Pauline has been instrumental in completing the establishment of
the board, and I extend my thanks to her...Request free trial
The Parliamentary Under-Secretary of State for Business, Energy and
Industrial Strategy ():...The UK Endorsement Board is comprised of a
group of experts with backgrounds and experience across different
sectors with a strong interest in the quality of financial
reporting in the UK. The board will be led by Pauline Wallace, who
was appointed as interim chair in September 2020. Pauline has been
instrumental in completing the establishment of the board, and I
extend my thanks to her for her tireless work in bringing the board
to this point of readiness. The remaining 10 members of the board
were appointed following an open and transparent recruitment
process. They comprise representatives from preparers of accounts,
investors, academics and members of accounting firms. The board is
an independent, unincorporated association with its operations
facilitated by a subsidiary of the Financial Reporting Council...
...Regarding funding,
I talked about the fact that it will come indirectly from a levy on
the people who most benefit from these standards—the £2.9 million
that is expected from 2021 to 2022. It will be funded from
the Financial Reporting Council
levy, which puts the cost directly on those
who benefit most from the IFRS. That spending represents value for
money, because it allows the UK to influence directly the
international standard setters and ensure that the development of
the standards takes into consideration any UK public good issues
before being finalised...
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