UKEB reappointed to international Accounting Standards Advisory Forum

The UK Endorsement Board (UKEB) has been reappointed to the international Accounting Standards Advisory Forum (ASAF) for a further three year term.

The ASAF acts as the main technical advisory body to the International Accounting Standards Board (IASB).

Additionally, it provides a forum where members can reportedly contribute towards developing “high-quality, globally accepted” accounting standards.

Membership of the ASAF includes 12 national standard setters to ensure there is a broad range of national and regional input on “major” technical issues related to the IASB’s standard-setting activities.

Meanwhile, the UKEB reportedly influences and adopts new or amended international accounting standards, issued by the IASB, for use by UK companies. The board said it consults publicly with stakeholders that have an interest in financial reporting in the UK, with the aim of “acting as the UK’s voice” on IFRS financial reporting.

Pauline Wallace, chair of the UKEB, said: “I am delighted that the UKEB will continue to represent UK stakeholders at this important international forum. 

“The UK has been a key player in the development of international accounting standards and I look forward to working closely with my counterparts from around the world in contributing to the IASB’s ongoing work plan.”