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.
- Kathryn Cearns, consultant accountant, Herbert Smith Freehills LLP
- Andrew Buchanan, global head of IFRS, BDO IFR Advisory Limited
- Ron Hodges, professor of accounting, University of Birmingham
- Roger Marshall, chairman, UK Accounting Council
- Veronica Poole, global managing director IFRS Technical, Deloitte LLP
- Bob Branson, head of financial management, Environment Agency
- Janet Dougharty, deputy director local government finance, DCLG
- Kathryn Gillatt, finance and corporate services director, Driving Standards Agency
- Sue Higgins, director-general (finance and corporate services), Communities and Local Government
- David Hobbs, head of accountancy advice, Office for National Statistics
- David Aldous, associate controller – audit technical support, Audit Commission
- Maggie McGhee, director general for financial audit, National Audit Office
- Mike Usher, group director, Wales Audit Office
- Ian Carruthers, policy and technical director, CIPFA
- Robert Davidson, interim director of finance and reporting, Monitor
- Gawain Evans, deputy director of finance, Welsh Assembly Government
- Fiona Hamill, treasury officer of accounts, Department of Finance and Personnel Northern Ireland
- Janet Perry, NHS chief financial controller, Department of Health
- Karen Sanderson, deputy director, government financial reporting, HM Treasury
- Aileen Wright, deputy director finance, Scottish Government
Edward Leigh, MP