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31 March 2010

New FRAB Chair selected

Kathryn Cearns has been appointed as the Chair of the Financial Reporting Advisory Board (FRAB). Kathryn will take up the appointment with effect from 4 June. Elwyn Eilledge CBE, the current Chair, will step down following the 3 June FRAB meeting, having chaired the Board since its inception in 1996.

Kathryn  is a consultant accountant at Herbert Smith LLP dealing with the significant accounting and auditing issues arising from client work across the firm, including corporate, finance and litigation matters. Kathryn has prior experience as a project director to the UK Accounting Standards Board and as a technical author on financial accounting and auditing. She currently chairs the ICAEW Financial Reporting Committee. Kathryn has also been a member of several advisory committees and technical strategy boards, including membership of the UK Accounting Standards Board Urgent Issues Task Force.

Ken Beeton, Director, Financial Management and Reporting at HM Treasury said:

"As an independent body, the FRAB plays an important role in advising the Treasury on the application of financial reporting principles and standards across government.  Elwyn Eilledge has been highly successful as the FRAB Chair since the Board’s inception in 1996. Under his chairmanship, the FRAB has always promoted the highest possible standards in financial reporting by government. Following Elwyn’s retirement, I am delighted that Kathryn Cearns has agreed to be the new FRAB Chair. We look forward to working with her and the FRAB in the future.”

Notes for editors

  1. The Financial Reporting Advisory Board (FRAB) is an independent body fulfilling the statutory role as a ‘group of persons who appear to the Treasury to be appropriate to advise on financial reporting principles and standards for government’, as required by the Government Resources and Accounts Act 2000.
  2. The FRAB’s membership, its terms of reference and minutes of its meetings can be found on the HM Treasury website.

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