Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, pursuant to the oral contribution of 20 March 2019 of the Parliamentary Under-Secretary of State for Business, Energy and Industrial Strategy Kelly Tolhurst to the Eighth Delegated Legislation Committee on the Draft International Accounting Standards and European Public Limited-Liability Company (amendment etc.) (EU Exit) Regulations 2019, Official Report, column 8, who will carry out the work that the endorsement board will be responsible for until that body is constituted.

The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 transfer the European Commission’s powers to endorse and adopt International Accounting Standards (IAS) to the Secretary of State. It also provides for these powers to be sub-delegated to a UK body. The policy intention is that the sub-delegation to a UK Endorsement Board will be performed by an affirmative SI later this year. Until then, the responsibility to endorse and adopt IAS for use in the UK will lie with my rt. hon. Friend the Secretary of State. He will be supported in this role by the FRC and, once appointed, the Endorsement Board secretariat staff. Recruitment is currently underway.