HM Treasury consults on amendments to the financial reporting manual (FReM)

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19 Sep, 2019

HM Treasury has issued a consultation proposing revisions to the government financial reporting manual (FReM) (2020-2021).

The Government Financial Reporting Manual (FReM) is the technical accounting guide to the preparation of financial statements. It complements guidance on the handling of public funds published separately by the relevant authorities in England and Wales (HM Treasury and the Welsh Government respectively), Scotland (the Scottish Government) and Northern Ireland (the Executive Committee of the Northern Ireland Assembly). The FReM is prepared following consultation with the Financial Reporting Advisory Board (FRAB) and is issued by the relevant authorities.

The revisions have been proposed in light of the Government financial reporting review and a thematic review of the Statement of Parliamentary Supply (SoPS). The proposals include a new four-part structure of the FReM as well as proposals for new and updated chapters.

The full consultation is available on the HM Treasury website.  Comments are requested until 25 October 2019.

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