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.
- Ian Mackintosh
- Andrew Buchanan, BDO IFRS Advisory Ltd
- Anthony Appleton, Financial Reporting Council
- Ron Hodges, University of Birmingham
- Veronica Poole, Deloitte LLP
- Gareth Caller, Department for Communities and Local Government
- Ian Webber, Intellectual Property Office
- David Hobbs, Office for National Statistics
- Bob Branson, Environment Agency
- Joseph McLachlan, East Ayrshire Council
- Ruth Elliot, UK Shared Business Services
- David Aldous, National Audit Office
- Kate Mathers, National Audit Office
- Aileen Wright, Scottish Government
- Andrew Baigent, Department of Health
- Alison Scott, Chartered Institute of Public Finance and Accountancy
- Joanne McBurney, Department of Finance and Personnel Northern Ireland
- Gawain Evans, The Welsh Government
- Vicky Rock, HM Treasury
- Craig Mackinlay, MP