HM Treasury

Public spending & reporting

Financial Reporting Advisory Board

The Financial Reporting Advisory Board's role is to promote the highest possible standards in financial reporting by Government and to help to ensure that any adaptations of, or departures from, GAAP are justified and properly explained.

The Board was established in 1996 to act as an independent review in the process of setting accounting standards for government during the development of resource accounting. The role of the Board was given statutory footing by the Government Resources and Accounts Act 2000, which requires the Treasury to consult on financial reporting principles and standards. The Board's remit has grown since 1996 and now includes advising on financial reporting across the UK (principles only in Scotland) for departments, executive agencies, executive non-departmental public bodies, trading funds and health bodies. The Board also advise the Treasury on the implementation of accounting policies specific to Whole of Government Accounts.

As an independent body, the Board has been added to the list of bodies in Schedule 1 of the Freedom of Information Act 2000 and is subject to the requirements of the Act. The Information Commissioner has agreed the Board's Publication Scheme. The Board will publish its reports on this website together with its terms of reference, membership details, publication scheme and its press notices. It will also publish its minutes and associated papers once the minutes have been agreed.

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