Financial Reporting Advisory Board (FRAB)
The Financial Reporting Advisory Board promotes the highest possible standards in financial reporting by the government.
Role of the board
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 (FRAB).
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 standards. This role is fulfilled by the FRAB and put the existence of the board on to a more formal footing.
The role of the FRAB, is to ensure that government financial reporting meets the highest possible standards of financial reporting by following International financial reporting standards (IFRS) as far as possible. Any adaptations or interpretations to IFRS for the public sector require FRAB approval.
The board meets regularly to consider proposed changes to policy and practice. Where adaptations or interpretations of IFRS are required for the public sector, the Treasury is responsible for publishing them in the Government Financial Reporting Manual (FReM).
Each year the FRAB produces a report of their activities throughout the year. This report is laid before parliament.
Membership
Chair
- Lynn Pamment
Independent/External members
- Jenny Carter, Financial Reporting Council (Vice-Chair)
- Mike Metcalf
- Jasmine Mathews, Deutsche Bank
Preparers/users
- Mike Sunderland, Department for Education
- Ian Webber, Department of Science, Information and Technology
- Ryan Oliver, Office for National Statistics
- Jill Roberts, Ministry for Housing, Communities and Local Government
- Christine Golding, CIPFA nominated local preparer
- Adrian Hannell, Ministry of Justice
Auditor Members
- James Osborne, National Audit Office
- Anthony Veale, Audit Wales
Relevant Authorities
- Charlotte Goodrich and Kevin Pertaub, HM Treasury
- Vanessa Singleton, Department of Health and Social Care
- Ian Ratcliffe, NHS Improvement
- Stuart Stevenson, Department of Finance, Northern Ireland Executive
- Jackie McAllister, Scottish Government
- Kim Jenkins, Welsh Government
- Iain Murray, CIPFA
Parliamentary observers
- Alex Knight, Parliamentary Scrutiny Unit
- Luke Charters, MP
Other Observers
- Conrad Hall, CIPFA/LASAAC Chair
- David Lyford-Tilley, CIPFA