Draft Statutory Instrument on the delegation of functions relating to the adoption of IFRS from Secretary of State to the UKEB
05 February 2021
The International Accounting Standards (Delegation of Functions) (EU Exit) Regulations 2021, laid in Parliament on 1 February, have now been published here
The Regulations will delegate certain functions relating to the adoption of IFRS from the Secretary of State to the UK Endorsement Board (UKEB). The delegation will be completed once the Regulations have been approved by Parliament.
The UKEB will operate under a Terms of Reference set by the Secretary of State. This document outlines the UKEB’s role and responsibilities; the process for appointing UKEB members; the composition requirements for the Board; and arrangements relating to meetings and voting on adoption of IFRS. The Chair and Board Members will be required to comply with the Terms of Reference as a condition of their terms of appointment. A copy of the draft Terms of Reference can be found here