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FRAB minutes for June 2016 meeting released

  • Public Sector Accounting Image

17 Aug 2016

The minutes of the Financial Reporting Advisory Board’s (FRAB’s) meeting of 23 June 2016 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:

  • HM Treasury consultations on proposals for applying International Financial Reporting Standard (IFRS) 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers for the public sector and amendments to the Government Financial Reporting Manual (FReM) to incorporate the two standards.
  • Discussion of IFRS 16 Leases and consideration of the impact that the standard will have on the public sector.
  • An update on the activities of the Chartered Institute of Public Finance and Accountancy (CIPFA) and the Local Authority (Scotland) Accounts Advisory Committee (LASAAC) and their exposure draft of the 2017/18 Code of Practice on Local Authority Accounting in the UK.
  • An update on European Public Sector Accounting Standards (EPSAS).

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

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