UKEB approves new accounting standard

The UK Endorsement Board (UKEB) has announced that it has approved the adoption of the International Accounting Standards Board (IASB) standard IFRS 17 Insurance Contracts for use by UK companies.

This is the first major standard adopted by UKEB since UKEB received delegated powers from the Business Secretary on 22 May 2021.

IFRS 17 represents the first “comprehensive” international accounting standard applicable to all types of insurance contracts, aimed at ensuring that entities provide relevant and fair information about these contracts.

UKEB Chair Pauline Wallace said: “UKEB has carefully considered the statutory criteria for the adoption of the new IFRSs for use in the UK and is confident that IFRS 17 meets all of them. Overall, UKEB considers that the adoption of IFRS 17 will lead to substantial improvements in financial reporting for insurance contracts and that its application will be conducive to the long-term public good in the UK.

“The adoption of IFRS 17 marks a major milestone in the work of UKEB in its first year of operation. I am grateful for the thorough and constructive engagement of UK stakeholders during the consultation process, the detailed analysis carried out by UKEB staff and the thorough consideration given by Board members to each of the criteria statutory.

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