The External Reporting Board is an independent Crown entity. 
 
The Financial Reporting Act 2013 sets out their functions. These include issuing:

• Financial reporting standards that describe how to report an entity’s financial activities to make financial information meaningful and comparable for users
• Climate reporting standards that describe how to report an entity’s climate-related risks and opportunities
• Auditing and assurance standards that establish the objectives and requirements for conducting audits and other assurance engagements
• Professional and ethical standards that apply to assurance practitioners applying their auditing and assurance standards

Their standards and guidance apply to for-profit, not-for-profit and public sector entities.

The External Reporting Board is not a regulator; monitoring and enforcement functions are carried out by regulators such as the Financial Markets Authority and the Charities Service.