The role of the Financial Reporting Advisory Board (FRAB) is “to ensure that government financial reporting meets the best possible standards of financial reporting by following Generally Accepted Accounting Practice (GAAP) as far as possible”.  The FRAB includes representatives from the accountancy profession in the private and public sectors, academia and government bodies.  The board meets regularly to consider proposed changes to policy and practice.

Key topics discussed during the meeting were:  

• Simplifying and streamlining annual reports and accounts.
• Mid-year reporting – proposals to introduce a new “mid-year report” to Parliament by the 17 main Central Government Departments were finalised on 7 October 2013.  These are not intended to be IAS 34 compliant interim financial reports but instead provide a high level summary of performance against key departmental policies and objectives.
• IFRS Group Accounting Standards and accounting for schools.
• The application of IFRS 13 ‘Fair Value Measurement.
• Draft FReM 2014-15.
• NHS Manual for Accounts.
• Accounting issues related to Local Authority Transport Infrastructure.
• European Public Sector Accounting Standards. 

Click here for detailed minutes and other supporting documents on HM Treasury website.