Non Executive Directorships

Independent Member, Financial Reporting Advisory Board

Location: London

Date Posted: 09/09/2020

Closing Date: 08/10/2020

Vacancy Description

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 and warmly welcome suitably qualified applicants from all backgrounds.

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:

  • 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 of financial reporting in the public sector
  • Support the delivery of the strategic priorities of the Board and contribute to developing and deciding long-term strategies using skills, experience and judgement
  • Be objective when considering accounting issues and points of accounting principle
  • Contribute to discussion during meetings and on out of meeting issues and provide views on additional papers
  • Ensure that for issues under debate by FRAB, express opinions clearly, supported by reasoned analysis
  • By regular attendance at FRAB meetings (typically 3 meetings per year) and work together with other members to ensure the consistency of Board performance
  • 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.

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.

We encourage a diverse workforce and HM Treasury has a strong commitment to equality and diversity. The Board warmly welcomes applications from suitably qualified people from all backgrounds.

Additional Information

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.

 

Terms of appointment

The term of  appointment is 3 years with the potential to renew once.

The role is not an employee of HM Treasury.

Meetings, when held in person, are held at HM Treasury, London.

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

How to Apply

If you are interested in applying for the role, please supply the following by 11pm Thursday 8th October.

  • A comprehensive CV setting out your career history and including details of your professional qualifications
  • A covering letter (with a maximum of 2 pages) outlining what interests you about the role and how you meet the relevant personal specification requirements
  • In addition, please also complete and return the questionnaire at Annex A of the attached Independent Member Board Information Pack relating to guaranteed interview scheme, political activity and conflict of interest as well as the 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.

Completed applications should be emailed to the Board Secretariat at FRABsecretariat@hmtreasury.gov.uk

If you have any questions about the role or the appointment process, please contact FRABsecretariat@hmtreasury.gov.uk

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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