FReM exposure drafts

Proposed amendments to the Financial Reporting Manual



Two consultations will run from August 9 2016 until September 30 2016. These are the FReM Exposure Draft: IFRS 9 Financial Instruments and the FReM Exposure Draft: IFRS 15 Revenue from contracts with customers.

The government financial reporting team at HM Treasury has published new exposure drafts of proposed amendments to the government financial reporting manual (FReM) as part of its ongoing work in ensuring that the manual reflects the latest developments in government financial reporting.


There have been two previous exposure drafts on the application of IFRS 13 for the public sector (exposure drafts (13)01 and (12)03). Each of these consultations has informed the development of financial reporting policy and HM Treasury’s final proposals as set out in this exposure draft.

FReM 2015 to 2016

HM Treasury launched the simplifying and streamlining accounts project (the project) in April 2013 with the aim of simplifying and streamlining the presentation of the statutory annual reports and accounts produced by central government entities so as to better meet the needs of users. This exposure draft details the proposed changes to the 2015 to 2016 FReM as a result of the project.

Comments on these exposure drafts should be submitted in writing so as to be received by 13 October 2014. Respondents are asked to send their comments electronically to

HM Treasury published exposure drafts (13)01 and (13)02 on 26 July 2013 to reflect the implementation of new accounting standards:

  • IFRS 13 fair value measurement and decision to apply IFRS 10, IFRS 11, IFRS 12
  • amendments to IAS 27 and IAS 28 of the new group accounting standards introduced by the IASB in 2011 and amended in relation to transition guidance in June 2012 and investment entities in October 2012 (not yet EU adopted)
Published 26 July 2013
Last updated 11 August 2016 + show all updates
  1. Links to the latest FReM consultations have been added.

  2. New exposure drafts (14)01 and (14)02 published - comments requested by 13 October 2014

  3. First published.