FRAB November 2021 Meeting

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30 Nov, 2021

The associated documents of the Financial Reporting Advisory Board’s (FRAB’s) meeting of 18 November 2021 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 November meeting in­cluded:

  • An update on the WGA 2019-20 and 2020-21;
  • Updates on CIPFA/LASAAC and CIPFA Code 2022-2023 developments;
  • An update on FReM 2021-22 and FReM 2022-23 with illustrative statements;
  • Updates on IFRS 17 In­sur­ance Con­tracts, IFRS 9 Financial Instruments adaptation, Discount Rates and Accounting for social benefits - IPSAS 42 Social Benefits and IFRS;
  • Updates from the NAO regarding the 2020-21 audit and forward look;
  • CIPFA Sustainability updates and updates from the Sustainability Working Group; and
  • An update on dis­cus­sions held by and de­cisions made by the IFRS In­ter­pret­a­tions Com­mit­tee.

The associated documents for the November 2021 meeting are avail­able on the HM Treas­ury website.

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