FRAB minutes for September 2019 meeting released

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20 Dec, 2019

The minutes of the Financial Reporting Advisory Board’s (FRAB’s) meeting of 6 September 2019 have been made available on the HM Treasury website.

The role of the 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 September meeting included:

  • consideration of the consultation on the draft Financial Reporting Manual (FReM) 2020/2021, resulting in some minor changes and approval of publication of the consultation;
  • an update on work ongoing on the post-implementation review of IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers; and
  • an update from HM Treasury on the thematic review of the Statement of Parliamentary Supply.

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

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