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.