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 April meeting included updates on:

• The IFRS 16 Leases implementation project.  Topics discussed were subsequent measurement of the right-of-use asset and the methodology that would be applied to discounting lease liabilities.
• The government financial reporting review.
• The Chartered Institute of Public Finance and Accountancy (CIPFA) and the Local Authority (Scotland) Accounts Advisory Committee (LASAAC) local authority code development.
• The IFRS 17 Insurance Contracts implementation project with a summary of the first IFRS 17 technical working group meeting.
• The FRAB 2018-19 annual report.

Key topics discussed during the June meeting included updates on:

• The FRAB 2018-19 annual report.  The Board approved the FRAB report with a few suggestions.
• The publishing of the 2017-18 Whole of Government Accounts.
• The development of the 2020-21 CIPFA/LASAAC Code.
• The forthcoming guidance on IFRS 16 and an update on IFRS 17
• The recent work of the International Public Sector Accounting Standards Board (IPSASB)
• Brexit and the disclosures that departments should be making in annual reports and accounts
• The steps arising from the Government Financial Reporting Review including thematic reviews of IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers.

The minutes and other supporting documents for the April meeting are available on HM Treasury website here.  The minutes and other supporting documents for the June meeting are available on HM Treasury website here.