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

As a partner in PwC, she established and led the global financial instruments accounting team before heading its UK public policy team. Since retiring from PwC, Ms Wallace 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 its Audit and Risk Committee.

The UKEB has been set up to endorse and adopt new or amended international accounting standards on behalf of the UK, when the transition period comes to an end.

The board will conduct research to ensure that the UK is at the forefront of developing opinions in accounting.

The board will also actively contribute to the development of financial reporting internationally, helping to ensure that UK views are effectively represented in this important area.

International accounting standards are in use in over 125 countries, including all G20 countries, enabling increased transparency, accountability and efficiency in the flow of capital between countries. They facilitate investment across borders by making it easier to compare accounts in multiple jurisdictions.

The UKEB will enable the UK to continue to play a leading role in international financial reporting and ensure the UK retains its status as home to one of the strongest capital markets in the world.

Sir Jon Thompson, CEO of the Financial Reporting Council, 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.”