Wallace has over 30 years’ experience in the development of accounting standards, both as a practitioner and as a standard setter. As a partner in PwC she established and led the global financial instruments accounting team before heading their UK public policy team.
Since retiring from PwC, she has served two terms on the Regulatory Decisions Committee of the FCA and is currently a member of the Determinations Panel at the Pensions Regulator. She is also a director of Paradigm Trust, a multi-academy trust, and chair of its Audit and Risk Committee.
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 comes to an end.
The board will conduct research to ensure that the UK is at the “forefront” of developing opinions in accounting. It will also actively contribute to the development of financial reporting internationally, helping to ensure that UK views are effectively represented in this important area.
The UKEB has also been designed to enable the UK to continue to play a “leading role in international financial reporting and ensure the UK retains its status as home to one of the strongest capital markets in the world”.
Minister for Corporate Responsibility Lord Callanan said: “Effective international accounting standards support vital global investment.
“The new UK Accounting Standards Endorsement Board will ensure we continue to have a say in how those standards are set, helping deliver our aim to make our country the best place in the world to start and grow a business.”
He added: “Pauline has a wealth of experience and knowledge of the UK accounting sector, and I am delighted to be able to appoint her to this important role.”
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.”