FRAB June 2022 meeting documents made available

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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.

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