Independent Board Member - Financial Reporting Advisory Board
HM Treasury invites applications for an independent member to join the Financial Reporting Advisory Board (FRAB). FRAB is an independent statutory body that makes key decisions and provides advice to HM Treasury and Parliament on the direction of financial reporting policy in the public sector.
Commitment
The expected time commitment of the role is to attend 3 regular meetings per year (in March, June and November and usually the third Thursday of each month) plus any additional occasional meetings as needed. Members are also expected to contribute to occasional out of meeting communications on an ad hoc basis throughout the year.
This is an opportunity to apply your knowledge and expertise on a range of topical financial reporting issues, from the development of new climate related finance disclosures for government departments, to the introduction of new IFRS standards to the UK public sector.
We are looking for applications from individuals who have experience working at a senior level in the finance profession or with a background in academia specialising in finance. This is a voluntary role with reasonable travel expenses reimbursed.
Board meetings are held three times per year, in March, June and November with occasional additional meetings as needed. Meetings are held on a hybrid basis, with in-person attendance encouraged for the November meeting.
The Board is committed to ensuring it is as effective as possible and gives members networking and professional development opportunities.
Role of the Financial Reporting Advisory Board
FRAB 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.
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.
The Board includes representatives from the finance and accountancy professions from the private and public sectors, academia and government bodies.
The Board considers proposed changes to financial reporting 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.
Role of FRAB Member
As a Board member, you will be required to contribute to the overall success and effective and efficient operation of FRAB in the following ways:
- Regular attendance at FRAB meetings (typically 3 meetings per year).
- Draw on your knowledge and expertise to play a full part in Board discussions and decision-making on issues of financial reporting practice and principles.
- Contribute to discussions in out-of-meeting issues and provide views on additional papers.
- Be objective when considering accounting issues and points of accounting principle.
- Adhere to the FRAB Membership Code of Conduct and declare any personal conflicts of interest related to issues being considered or subject to the provision of advice.
FRAB member - person specification
We would like you to demonstrate the following essential criteria:
- Evidence of relevant accounting or other public financial management and reporting experience at a senior level.
- Evidence of providing effective leadership in an advisory or senior management role and participation in the formation of policies and strategies within a large organisation.
- Ability to challenge constructively and influence decision-making at a senior level, such as in a Board setting.
- Evidence that you are a qualified accountant (CCAB or equivalent), with strong IFRS knowledge and application.
- An understanding of the UK public spending and reporting environment and the role of FRAB is desirable.
HM Treasury is committed to attract, retain and invest in talent wherever it is found. We embrace diversity and promote equal opportunities. As such, we run a Disability Confident Scheme (DCS) for candidates with disabilities who meet the minimum selection criteria.
To apply for the role please send a copy of your CV and a covering letter (with a maximum of 2 pages) outlining your interest in the post and how you meet the person specification requirements by an email.
Please also send the following with your application, which can be found via the link to apply.- Completed Disability Confident Scheme, Political Activity and Conflict of Interest questionnaire
- Completed diversity monitoring form
- Supply details of two referees who may be contacted to provide a reference or information relating to your application. Details should include, names, addresses, contact number, email address and occupation.
The application deadline is 23:59 on Wednesday 16^th October.
Interviews are to be held at the end of October.
Interviews are expected to take place via a virtual meeting platform and details of how to access the meeting will be sent to shortlisted candidates.