Pauline Wallace has been appointed as the inaugural chair of the UK Accounting Standards Endorsement Board (UKEB).

The UKEB has been set up to endorse and adopt new or amended international accounting standards on behalf of the UK, when the transition period of the UK leaving the EU comes to an end on 1 January 2021.

Walllace has over 30 years’ of experience in the development of accounting standards, both as a practitioner and as a standard setter.

Commenting on her appointment, Wallace said: “This is a pivotal moment for UK capital markets as we transition to UK adoption of international accounting standards.

“I am delighted to have the opportunity to lead the UKEB as it undertakes this important task and to ensure that the UK continues to play a key role in the development of these standards globally.”

UK Financial Reporting Council CE Jon Thompson said: “I welcome Pauline’s appointment and look forward to working with her as the UKEB establishes itself as a key influencer in the development of accounting standards, both in the UK and internationally.

“As an independent body, the UKEB will have a critical role to play in the development of and endorsing international accounting standards, helping to ensure the UK retains its status as a global hub for business, attracting inward capital and investment.”