FRAB June 2022 meeting documents made available
22 Jul, 2022
The associated documents of the Financial Reporting Advisory Board’s (FRAB’s) meeting of 29-30 June 2022 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 International Public Sector Accounting Standards Board (IPSASB) developments.
- Updates on activities of the International Accounting Standards Board (ISAB) and International Sustainability Standards Board (ISSB).
- An update on the work of the Financial Reporting Council (FRC).
- An update on the health sector, including accounting issues resulting from the Health and Care bill.
- Chartered Institute of Public Finance and Accountancy (CIPFA) local government and ISA 260 report updates.
- The Department for Business, Energy and Industrial Strategy's (BEIS's) consultation on audit and corporate governance reform.
- Updates on IFRS 9 Financial Instruments, IFRS 17 Insurance Contracts, discount rates and PPP arrangements.
- Whole of Government Accounts (WGA) update.
The associated documents for the June 2022 meeting are available on the HM Treasury website.