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

• International Financial Reporting Standard (IFRS) 9 Financial Instruments An update was provided on the three outstanding items identified from the November 2016 meeting.  Each of these issues was considered in turn.
• IFRS 15 Revenue from Contracts with Customers update noting progress made to date on IFRS 15 implementation.
• An update on IFRS 16 Leases since the November 2016 meeting. It was highlighted that a technical working group had been established with representatives from departments, the Chartered Institute of Public Finance and Accountancy (CIPFA) and trading companies covering both property and non-property leases.
• Discount rates – a paper was presented setting out a project plan for reviewing the discount rate methodology. Views were asked on the scope, objectives and timing of the review. 

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