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FRAB minutes for June 2017 meeting released

  • Public Sector Accounting Image

07 Jul 2017

The minutes of the Financial Reporting Advisory Board’s (FRAB’s) meeting of 15 June 2017 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:

  • Updates on IFRS 9 Financial Instruments, IFRS 16 Leases and IFRS 15 Revenue from Contracts with Customers
  • An update on European Public Sector Accounting Standards (EPSAS).
  • Whole of Government Accounts 2015-16
  • The Chartered Institute of Public Finance and Accountancy (CIPFA) and the Local Authority (Scotland) Accounts Advisory Committee (LASAAC) 2018/19 Code of Practice on Local Authority Accounting in the UK 

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

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