Britain names first head of new accounting body

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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.