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:

• An update on the work of the International Public Sector Accounting Standards Board (IPSASB) and its future strategy.
• An update on the IFRS 16 Leases implementation project and presentation of a draft of the Exposure draft form comment.
• IFRS Interpretations Committee tentative decisions made and the agenda decisions finalised at its November 2017 meeting.
• A presentation of a paper to the Board of the updated revised Conceptual Framework.

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