Wallace has over 30 years’ experience in the development of accounting standards, both as a practitioner and as a standard setter in the UK and Hong Kong.

As a partner in PwC she established and led the global financial instruments accounting team before heading their UK public policy team from 2009 to 2013.

Since retiring from the Big Four firm, she 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 their audit and risk committee, and has held regulatory roles on committees with the Financial Reporting Council (FRC) and ICAEW.

Lord Callanan, minister for corporate responsibility, said: ‘Effective international accounting standards support vital global investment.

‘The new UKEB 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.

‘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.’

Regulations made in 2019 confer the endorsement and adoption of international accounting standards function to secretary of state for Business, Energy and Industrial Strategy (BEIS) at the end of the transition period, which concludes on 31 December this year.

These powers will be delegated to the UKEB as soon as it is fully operational, which is expected to occur in early 2021.

They include the recruitment of seven to 14 board members, to be selected after an open competition and appointed by the chair, with approval from BEIS.

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.

Wallace, UKEB chair, 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.’

The UKEB’s role includes the endorsement and adoption of new or amended international accounting standards issued by the International Accounting Standards Board.

It will report to BEIS on technical matters and to the Financial Reporting Council (FRC) board on its governance and due process procedures.

Sir Jon Thompson, FRC CEO, said: ‘I welcome Pauline’s appointment and look forward to working with her as the UKEB establishes itself as a key influencer in the development of accounting standards, both in the UK and internationally.

‘As an independent body, the UKEB will have a critical role to play in the development of and endorsing international accounting standards, helping to ensure the UK retains its status as a global hub for business, attracting inward capital and investment.’

Further reading:

Information on UKEB is here