Treasury announces new FRAB chair
Senior ICAEW figure appointed to head treasury oversight body
One of the Treasury’s peak accounting advisory bodies has appointed Kathryn
Cearns, a consultant accountant with law firm Herbert Smith, as its chair.
From June, Cearns will take on the lead role with the Financial Reporting
Advisory Board, which advises the Treasury on financial reporting issues.
The body has played a key advisory role as government departments change
their accounting rules from national to international standards. It has, in the
past, fought government moves to leave controversial private finance initiatives
(PFI) off public balance sheets.
Cearns is a project director to the UK Accounting Standards Board and was a
member of the UK Accounting Standards Board Urgent Issues Task Force. She has
also played a central role in international accounting reform and recently
criticised proposed reforms to contingent liabilities rules.
She said she was looking forward to taking on the FRAB chairmanship “at such
an interesting time” and congratulated her predecessor Elwyn Eilledge on his
great success as chair.
Ken Beeton, Director, Financial Management and Reporting at HM Treasury said
he looked forward to working with Cearns.
“As an independent body, the FRAB plays an important role in advising the
Treasury on the application of financial reporting principles and standards
across government., he said.
“I am delighted that Kathryn Cearns has agreed to be the new FRAB Chair. We
look forward to working with her and the FRAB in the future.”
Read the Treasury statement:
New FRAB
Chair selected