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FRAB minutes for March 2015 meeting released

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15 May 2015

The minutes of the Financial Reporting Advisory Board’s (FRAB’s) meeting of 26 March 2015 have been made available on the HM Treasury website.

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 included:

  • The use of discount rates in financial reporting including discount rates applied to liabilities recognised under IAS 37 Provisions, Contingent Liabilities and Contingent Assets and IAS 19 Employee Benefits.  Discussions focussed around disclosure and the actual rates to be used including frequency of changing them. 
  • A high-level work plan for the adoption and implementation of IFRS 9 Financial Instruments in the public sector.  A paper was presented that outlined agreed steps and indicates that HM Treasury envisage running the process for implementation in parallel to the implementation plan for IFRS 15 Revenue from Contracts with Customers.  This would mean working to a timetable as if IFRS 9 is to be implemented in the public sector in 2017/18 when actual implementation will be 2018/19.
  • An update on leases including the latest developments from the International Accounting Standards Board (IASB).  It was agreed that once the IASB finally publish the leases Standard, high level work on its impact in the public sector should be undertaken.
  • An update on International Public Sector Accounting Standards (IPSAS) development including the finalised conceptual framework.  Key chapters of the conceptual framework were summarised including how these differ from the current position of the IASB’s own review of its conceptual framework.  A brief summary of the IPSAS Board’s on-going projects including public sector combination, emission trading and public sector financial instruments was also mentioned.
  • NHS Manual for Accounts 2015-16.
  • An update on the European Public Sector Accounting Standards project.
  • An update on the UK Government's Financial Reporting Advisory Board (FRAB) report on public sector accounting for 2014-15. 

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

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