The UK’s Department for Business, Energy, and Industrial Strategy (BEIS) has appointed Pauline Wallace as the UK Endorsement Board’s (UKEB) first permanent chair.

Following the departure of the UK from the EU, UKEB has been responsible for amending and adopting international accounting standards issued by the IASB for use by UK companies.

Wallace has been performing the role of chair as an interim appointment since 2020. It was during this time she appointed UKEB’s inaugural Board and steered the organisation through its initial set-up and adoption of its first major international accounting standard (IFRS 17 ‘Insurance Contracts’).

Commenting on the appointment, Wallace 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 2021/22.

“I am proud of what we achieved in our first year and confident that the UKEB will continue to maintain the UK’s position as a thought leader and key influencer of international financial reporting.”

Wallace’s three-year term will officially begin on 11 September 2022.

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By GlobalData