FRAB minutes for November 2017 meeting released

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13 Feb, 2018

The minutes of the Financial Reporting Advisory Board’s (FRAB’s) meeting of 16 November 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:

  • The FReM 2017-18 and 2018-19 and illustrative statements.
  • An update on IFRS 16 Leases in the public sector context.
  • Discount rates.
  • 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.
  • A first draft of the 2018-19 Group Accounting Manual (GAM) which interprets the FReM for the health sector and is proposed to be published in April 2018.

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

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