Government Financial Reporting Manual consultation
Detail of outcome
HMT received 38 separate responses to this consultation, and analysed 735 individual comments.
A summary of these comments, and the government response, was presented to the independent Financial Reporting Advisory Board (FRAB) at their November 2019 meeting.
Download the consultation response summary.
View the full November 2019 FRAB agenda and papers.
As set out in the summary, a series of minor changes was made to the draft 2020-21 Government Financial Reporting Manual. The Manual was then approved by FRAB members and is available online.
Further suggestions arising from the consultation will be tested with users and preparers of government annual reports and accounts in phase II of this revision exercise, before further changes are made to the style and structure of the FReM.
Original consultation
Consultation description
The financial reporting manual (FReM) is the statutory guidance for government bodies preparing annual reports and accounts, which:
- sets out principles for financial reporting
- gives guidance on performance reporting and the accountability disclosures for government bodies
- adopts and interprets International Financial Reporting Standards for use in the UK public sector
- gives further guidance as necessary, for example relating to the preparation and publication of the UK Whole of Government Accounts
HM Treasury publishes and updates the FReM on an annual cycle, overseen by the independent Financial Reporting Advisory Board (FRAB).
The revisions have been proposed in light of The government financial reporting review and a thematic review of the Statement of Parliamentary Supply (SoPS). They reflect feedback from those who use public sector annual reports and accounts, as well as those who prepare them.
Documents
Last updated 19 December 2019 + show all updates
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Updated text to the 'final outcome'.
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First published.