FRC publishes Staff Education Notes for users of FRS 102
18 Dec, 2013
The UK Financial Reporting Council (FRC) has today published fifteen Staff Education Notes (SEN), which illustrate certain requirements of FRS 102 for the convenience of its users.
The FRC has issued the SENs to assist entities using or thinking of using FRS 102 as a basis of preparation for their financial statements. These guidance notes aim to illustrate certain requirements of FRS 102, although they do not have any authoritative status.
The notes issued are as follows (all links to the FRC website):
- SEN 01 - Cash Flow Statements
- SEN 02 - Debt Instruments - amortised cost
- SEN 03 - Impairments to trade debtors
- SEN 04 - Investment Properties
- SEN 05 - Property, Plant and Equipment
- SEN 06 - Leases
- SEN 07 - Revenue Recognition
- SEN 08 - Government Grants
- SEN 09 - Employee Benefits - Short term employee benefits and termination benefits
- SEN 10 - Employee Benefits - Defined benefit plans
- SEN 11 - Forward Exchange Contracts
- SEN 12 - Incoming Resources from non-exchange transactions
- SEN 13 - Transition to FRS 102
- SEN 14 - Illustrative Credit Union Financial Statements
- SEN 15 - Acquisitions and Disposals of Subsidiaries
- SEN 16 - Financing Transactions
*Update 28 April 2015. The FRC published an updated version of SEN 13 (link to FRC website) largely updated to clarify the examples and revise the descriptions of the transitional exemptions to align with the requirements in the August 2014 edition of FRS 102.
* Update 27 October 2015. The FRC published SEN 16 (link to FRC website) Financing Transactions. This gives guidance on accounting for financing transactions within FRS 102. The FRC also published an updated version of SEN 2 (link to FRC website) to reflect consequential amendments resulting from the issue of SEN 16. Additionally the FRC has updated SEN 13 (link to FRC website) to reflect changes made to Section 35 of FRS 102 in July 2015. The FRC website has also been updated to provide information on how SENs may be useful for entities that apply Section 1A Small Entities of FRS 102 or FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime.