The role of the Financial Reporting Advisory Board, or FRAB, is to ensure that government financial reporting meets the best possible standards of financial reporting by following Generally Accepted Accounting Practice (GAAP) as far as possible.Guoabong Stock
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.Lucknow Investment
It includes representatives from the accountancy profession in the private and public sectors, academia and government bodies.Surat Stock
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 and standards. This role is fulfilled by FRAB, and put the existence of the board on to a more formal footing.
The board meets regularly to consider proposed changes to policy and practiceAhmedabad Investment. 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).
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