Pauline Wallace has been appointed as the first permanent Chair
of the UK Endorsement Board (UKEB).
The UK Endorsement Board was set up to endorse and adopt new or
amended international accounting standards on behalf of the UK.
Pauline has held the role of Chair on an interim basis since
September 2020 and has led the establishment of the Board and its
early work. This has included the UKEB’s adoption of International
Financial Reporting Standard 17 Insurance Contracts, a major new
international accounting standard relating to insurance contract
accounting which was adopted for use in the UK on 16 May 2022.
Pauline’s 3-year term as Chair will officially commence on 11
September 2022.
, Minister for Corporate
Responsibility, said:
I am delighted that Pauline Wallace will continue in her role as
Chair of the UK Endorsement Board. Pauline has demonstrated
strong leadership during her interim appointment, including
overseeing the UKEB’s
endorsement and adoption of IFRS 17
Insurance Contracts, a transformative standard for the insurance
industry. I look forward to the next 3 years of the UKEB’s work with Pauline at the
helm.
Pauline Wallace, UK Endorsement Board Chair,
said:
It has been my privilege to serve as the UKEB’s interim Chair and to lead it
through a successful inaugural year. As permanent Chair I look
forward to working with the Board and all of our stakeholders to
continue to build upon the solid foundations that we put in place
in 2021 to 2022. I am proud of what we achieved in our first year
and confident that the UKEBwill continue to maintain the
UK’s position as a thought leader and key influencer of
international financial reporting.
About Pauline Wallace
Pauline has over 30 years’ experience in accounting standards,
both as a practitioner and as a national standard setter in the
UK and Hong Kong. Prior to her work with the UKEB, Pauline was a partner in PwC
where she established and led the global financial instruments
team during the transition of EU listed companies to IFRS and
throughout the global financial crisis. She was PwC’s UK head of
public policy and regulatory affairs until her retirement in
2013. Since retiring from PwC, Pauline served 2 terms as a member
of the FCA’s
Regulatory Decisions Committee and is currently a member of the
Determinations Panel of the Pensions Regulator. Pauline was
a member of the UK Accounting Standards Board from 2010 to 2016
and a member of the ICAEW’s
Regulatory Board from 2015 to 2019.
About the UK Endorsement Board
- The UKEB is
responsible for the adoption of international accounting
standards (IAS) for use in the
UK following the delegation of functions relating to
IAS
under the International Accounting Standards (Delegation of
Functions) (EU Exit) Regulations 2021
- the UKEB currently
consists of 11 Board members, including Pauline Wallace as its
Chair
- UK-adopted international accounting standards are mandatory
in the UK for listed companies when preparing their consolidated
financial statements
- further information on the UKEB and UK-adopted international
accounting standards is available on the UKEB’s website
