Financial Reporting Advisory Board (FRAB)
The Financial Reporting Advisory Board promotes the highest possible standards in financial reporting by the government.
Role of the board
The role of the Financial Reporting Advisory Board, or 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 board was originally set up in 1996 following the publication of the July 1995 White Paper ‘Better Accounting for Taxpayer’s Money’ where the government announced its plan to establish the Financial Reporting Advisory Board.
It includes representatives from the accountancy profession in the private and public sectors, academia and government bodies.
In 2000 the Government Resources and Accounts Act set out that the Treasury shall consult a group of appropriate people to advise on financial reporting and standards. This role is fulfilled by FRAB, and put the existence of the board on to a more formal footing.
The board meets regularly to consider proposed changes to policy and practice. Where changes to the accounting guides are agreed, the Treasury is responsible for publishing them (The relevant document is the Government Financial Reporting Manual (FReM).
Each year the board produces a report of their activities throughout the year. This report is laid before parliament.
Membership
Chair
- Lynn Pamment
Independent/External members
- Jenny Carter, Financial Reporting Council
- Mike Metcalf
- Andrea Pryde, IFRS
- Shiva Shivakumar, London Business School
Preparers/users
- Iain King, Department for Education
- Pam Beadman, Department for Environment, Food and Rural Affairs as NDPB representative
- Ian Webber, Ministry of Defence
- Bob Richards, Office for National Statistics
- Jessica Seymour, Department for Levelling Up, Housing & Communities
- Joseph McLachlan, CIPFA nominated local preparer
Auditor Members
- James Osborne, National Audit Office
- Suzanne Walsh, Northern Ireland Audit Office
- Karl Havers, Independent Auditor
Relevant Authorities
- Michael Sunderland, HM Treasury
- Andy Brittain, Department of Health and Social Care
- Ian Ratcliffe, NHS England
- Stuart Stevenson, Department of Finance, Northern Ireland Executive
- Aileen Wright, Scottish Government
- Gawain Evans, Welsh Government
- Iain Murray, CIPFA
Parliamentary observers
- Alex Knight, Parliamentary Scrutiny Unit
Other Observers
- Conrad Hall – CIPFA/LASAAC Chair