HM Treasury

Public spending & reporting

Role of the Financial Reporting Advisory Board

The aim of the Board is to ensure that government financial reporting meets the best possible standards of financial reporting by following Generally Accepted Accounting Practice as far as possible. 

The Financial Reporting Advisory 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.   The Board includes representatives from the accountancy profession in the private and public sectors; academia and government bodies. 

The Government Resources and Accounts Act 2000 put the existence of the Board onto a more formal footing, as Section 24 of this Act requires that before issuing accounts directions or determining the form and content of accounts the Treasury shall consult a group of persons who appear to the Treasury to be appropriate to advise on financial reporting principles and standards.  The appropriate group that is consulted is the Financial Reporting Advisory Board. 

The Treasury website has the full Terms of Reference of the Board and a membership list.

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)) and this is listed on the Treasury’s publication scheme)

Each year the Board produces a report of their activities throughout the year.  This report is laid before parliament.  This website provides the reports, papers and associated press releases

 

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