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Job Location | Wembley Central |
Education | Not Mentioned |
Salary | Competitive salary |
Industry | Not Mentioned |
Functional Area | Not Mentioned |
Job Type | Permanent, full-time or part-time |
HM Treasury invites applications for an independent member to join the Financial Reporting Advisory Board, (FRAB).FRAB is an independent statutory body that provides advice to HM Treasury on financial reporting policy in the public sector.We are looking for applications from a senior level of the finance profession.This is a voluntary role and receives no remuneration however, reasonable travel expenses are reimbursed.Board meetings are held three times per year, in March, June and November with occasional additional meetings as needed.Role of theFinancial Reporting Advisory BoardThe role of FRAB, is to ensure that government financial reporting meets the best possible standards by following International Financial Reporting Standards (IFRS) as far as possible.The Board was originally set up in 1996 following the publication of the July 1995 White Paper Better Accounting for Taxpayers Money where the government announced its plan to establish the Financial Reporting Advisory Board.It includes representatives from the finance and accountancy profession in the private and public sectors, academia and government bodies.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 considers proposed changes to policy and practice. Where changes to IFRS are agreed, the Treasury is responsible for publishing them (the relevant document is the Government Financial Reporting Manual (FReM).Each year the Board produces a report of their activities throughout the year. This report is laid before Parliament.The Role of the FRAB MemberAs a Board member, you will be required to contribute to the overall success and effective and efficient operation of FRAB in the following ways: