FRAB minutes for March and April 2020 published

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15 Jul, 2020

The minutes of the Financial Reporting Advisory Board’s (FRAB’s) meetings of 19 March 2020 and 8 April 2020 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 March meeting included:

  • an update on the Financial Reporting Manual (FReM);
  • an update on the implementation plan for the adoption of IFRS 17 Insurance Contracts and a proposed IFRS 17 application guidance exposure draft expected in winter 2020/21; and
  • an update on the CIPFA/LASAAC Code of Practice on Local Authority Acounting in the United Kingdom.

Key topics discussed during the April meeting included the challenges from Covid-19 that are emerging including various options for reducing the reporting burden.  It was agreed that the 2019/20 FReM would remain unchanged but that further guidance would be issued to set minimum reporting requirements for the performance and accountability reports.

The minutes and other supporting documents for the March and April meetings are available on the HM Treasury website.

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