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Britain names first head of new accounting body

Mon, 14th Sep 2020 19:02

LONDON, Sept 14 (Reuters) - Former top PwC official Pauline
Wallace has been appointed as the first chair of Britain's new
Accounting Standards Endorsement Board (UKEB).

International accounting rules applied in Britain were
endorsed by the European Union for use in listed company
financial statements.

After the end of Brexit transition arrangements in December,
Britain will endorse the international standards itself.

"Effective international accounting standards support vital
global investment," Martin Callanan, Britain's minister for
corporate responsibility, said in a statement on Monday.

Wallace has over 30 years' experience in the development of
accounting standards as a partner at PwC, one of the world's Big
Four auditors.

The Financial Reporting Council, which regulates
accountants, said the new body will help to ensure that Britain
retains its status as a global hub for business, attracting
inward capital and investment.
(Reporting by Huw Jones; Editing by Jan Harvey)

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