Section 24: Advisory board
104.The purpose of this section is to put in place the process that the Treasury must adopt in order to demonstrate that any departures from generally accepted accounting practice contained in the guidance it issues for the preparation of resource accounts or WGA are justified by the public sector context.
105.Subsection (1) requires the Treasury to consult an advisory board containing people with appropriate experience of financial reporting principles and standards before issuing such guidance. Subsection (2) requires the Treasury to consult the Comptroller and Auditor General before selecting the members of the advisory board. These requirements are already fulfilled by the Financial Reporting Advisory Board..
106.Subsections (3) and (4) require the advisory board to prepare a report on its work during the year which the Treasury must lay before Parliament. The report may deal with any additional matters that the board considers appropriate such as departures from generally accepted accounting practice.
