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FRAB publishes its 2013-2014 report

  • Public Sector Accounting Image

14 May 2014

The UK Government's Financial Reporting Advisory Board (FRAB) has published its report on public sector accounting for the period April 2013 to March 2014.

The FRAB's primary objective is "to promote the highest standards of financial reporting by government".  In its fulfilment of this objective it provides advice to the Treasury, the Scottish Ministers, the Executive Committee of the Northern Ireland Assembly and the Welsh Assembly Government on the introduction of new accounting standards, as well as supporting them in their efforts to better meet the needs of users of public sector financial reports.  Annually, the FRAB publishes a report on its activities over the past year.

In the period from April 2013 to March 2014, the main issues considered by the FRAB were:

The FRAB's role in stimulating the debate around the application of Fair Value accounting has shown how it can be most effective in promoting the highest standards of financial reporting.  However, the delay to public sector adoption of IFRS 13 again raises the issue that the time and resources needed to respond to new standards that are being developed cannot be underestimated.

Looking forward, the FRAB expects that developments arising from the European Commission’s European Pubic Sector Accounting Standards (EPSAS) project will have a significant impact on its activities and may even mean that its role has to adapt for it to continue to fulfil its statutory function.

The full report can be downloaded from the FRAB section of the UK Government website.

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