B16 The Government is committed to increasing the accuracy and availability of information about the public sector's assets and liabilities. Accurate, transparent and credible accounts allow the public to judge the scope, direction and sustainability of public spending and investment. The Government has undertaken to use best practice accounting methods in the production of its accounts. This commitment is enshrined in the Code for Fiscal Stability and the Government Resources and Accounts Act 2000 (GRAA 2000).
B17 In accordance with the GRAA 2000 Government accounts are required to follow UK generally accepted accounting practice (UK GAAP), adapted as necessary for the public sector context. These accounting practices and principles are independently set and independently assessed in their application. Accounting standards are set and developed by the Accounting Standards Board (ASB). The Government is required by the GRAA 2000 to take advice from an independent advisory board - the Financial Reporting Advisory Board (FRAB) - on the application, timing and introduction of these standards, and the FRAB can highlight any departures or modifications in its annual report to Parliament.