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Independent Board Member - Financial Reporting Advisory Board

Employer
HM TREASURY 1
Location
London, United Kingdom
Salary
Competitive Salary
Closing date
Oct 9, 2020

View more

Job Role
Director/Board
Sector
Finance
Contract Type
Permanent
Hours
Full 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 the Financial Reporting Advisory Board



The 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 Taxpayer's 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 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:




  • By regular attendance at FRAB meetings (typically 3 meetings per year) and work together with other members to ensure the consistency of Board performance

  • Contribute to discussion on out of meeting issues and provide views on additional papers

  • Draw on your knowledge, skill-set and expertise, to play a full part in the Board's deliberations on issues of financial reporting practice and principle, and in the process of formulating advice to the Relevant Authorities

  • Be objective when considering accounting issues and points of accounting principle

  • Ensure that for issues under debate by FRAB, express opinions clearly, supported by reasoned analysis

  • 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 executive 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 within a board setting, and

  • Evidence that you are a qualified accountant (CCAB or equivalent), with evidence of strong IFRS knowledge and application.



In addition, an understanding of the UK public spending and reporting environment and importance of FRAB is desirable.



You will also have personal qualities that show you are committed, and goal focused with the ability to set clear priorities subscribing relevantly to board discussions. You will have excellent interpersonal skills that generate trust and confidence in others.



HM Treasury has a strong dedication to equality and diversity and applications from people with diverse backgrounds are encouraged.



We will ensure that individuals with disabilities are provided reasonable accommodation to participate in the application and interview process, provided you meet the essential criteria for the post. Please confirm on your application your eligibility for the guaranteed interview scheme.



If you are interested in applying for the role could you, please send a copy of your CV and a covering letter (with a maximum of 2 pages) outlining what interests you about the post and how you meet the relevant person specification requirements to the Secretary to the Board by email via the button below.



Please also send the following with your application:




  • 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 11pm Thursday 8th October 2020.



Interviews are to be held on Thursday 22nd October 2020. Please advise on your application if you unable to attend an interview on this date.



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.



The successful applicant will be invited to attend the Financial Reporting Advisory Board meeting on the afternoon of Thursday 19th November 2020.

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