Pauline Wallace appointed Permanent Chair of the UK Endorsement Board

Pauline Wallace appointed first permanent chair of 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 overseen the establishment of the Board and its early work. That included the UKEB‘s adoption of the International Financial Reporting Standard 17 Insurance Contracts, a major new international accounting standard relating to the accounting for insurance contracts, adopted for use in the UK on 16 May 2022.

Pauline’s three-year term as Chair officially begins on September 11, 2022.

Lord Callanan, Minister for Corporate Responsibilitysaid:

I am delighted that Pauline Wallace will continue in her role as Chair of the UK Endorsement Board. Pauline has demonstrated strong leadership skills during her interim appointment, including overseeing the UKEB‘s approval and acceptance of IFRS 17 insurance contracts, a transformative standard for the insurance industry. I’m looking forward to the next 3 years UKEB‘s work with Pauline at the helm.

Pauline Wallace, Chair of the UK Endorsement Board, said:

It was an honor to serve as them UKEBinterim chairman and lead 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 on the strong foundations we have laid in 2021-2022. I am proud of what we have achieved in our first year and confident that this will be the case UKEB will continue to uphold the UK’s position as a thought leader and major influencer on international financial reporting.

About Pauline Wallace

Pauline has over 30 years of experience with accounting standards, both as a practitioner and as a national standard setter in the UK and Hong Kong. Before working with the UKEBPauline was a partner at PwC where she built and led the global financial instruments team during the transition of public companies to the EU IFRS and during the global financial crisis. She was Head of Public Policy and Regulatory Affairs at PwC in the UK until her retirement in 2013. Since leaving PwC, Pauline has served two terms as a member of the FCA‘s Regulatory Decisions Committee and is currently a member of the Pensions Regulator’s Determinations Panel. 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.

Via the UK Endorsement Board

  • That UKEB is responsible for the adoption of international accounting standards (IAS) for use in the United Kingdom following the transfer of functions relating to IAS in accordance with the International Accounting Standards (Delegation of Functions) (EU Exit) Regulations 2021
  • the UKEB currently consists of 11 board members including Pauline Wallace as Chair
  • The international accounting standards adopted in the UK are mandatory in the UK for listed companies to prepare their consolidated financial statements
  • more information about UKEB and international accounting standards adopted in the UK are available on the UKEB‘s site

Comments are closed.