FRAB minutes for June 2020 published
06 Dec, 2020
The minutes of the Financial Reporting Advisory Board’s (FRAB’s) meeting of 18 June 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 June meeting included:
- An update on the 2020-21 reporting cycle.
- Updates on IFRS 16 Leases and an implementation update on IFRS 17 Insurance Contracts.
- An update on the CIPFA/LASAAC Code of Practice on Local Authority Accounting in the United Kingdom.
- An update on discussions held by and decisions made by the IFRS Interpretations Committee and an update on amendments to IFRS Standards.
The minutes and other supporting documents are available on the HM Treasury website.
