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FRC publishes Staff Education Notes for users of FRS 102

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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):

*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

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