Staff Factsheets
Published: 27 March 2024
4 minute read
As set out below, FRC staff have previously prepared factsheets and education notes on aspects of FRS 102. Except for Fact Sheet 8 - FRS 102: Climate-related matters, these publications have not yet been updated to reflect the publication of Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review 2024. During 2024, the FRC expects to publish new staff factsheets providing guidance on certain aspects of the new requirements.
On 13 December 2018 the FRC issued a suite of staff factsheets on aspects of FRS 102, including the Triennial Review 2017. The factsheets are intended to assist stakeholders by highlighting certain requirements of FRS 102. Unless otherwise stated below, the factsheets were published in December 2018 and have not been subsequently updated for any changes to the law, regulations or FRS 102.
| Name | Fact Sheet 1 - FRS 102: Triennial Review 2017 Amendments |
|---|---|
| Publication date | 13 December 2018 |
| Type | Information sheet |
| Format | PDF, 355.2 KB |
| Name | Fact Sheet 2 - FRS 102: Triennial Review 2017 Transition |
| Publication date | 13 December 2018 |
| Type | Information sheet |
| Format | PDF, 275.8 KB |
| Name | Fact Sheet 3 - FRS 102: Illustrative Statement of Cash Flows |
| Publication date | 13 December 2018 |
| Type | Information sheet |
| Format | PDF, 319.0 KB |
| Name | Fact Sheet 4 - FRS 102: Financial Instruments |
| Publication date | 13 December 2018 |
| Type | Information sheet |
| Format | PDF, 423.6 KB |
| Name | Fact Sheet 5 - FRS 102: Property: Fair Value Measurement |
| Publication date | 13 December 2018 |
| Type | Information sheet |
| Format | PDF, 223.8 KB |
| Name | Fact Sheet 6 - FRS 102: Business Combinations |
| Publication date | 13 December 2018 |
| Type | Information sheet |
| Format | PDF, 250.4 KB |
| Name | Fact Sheet 7 - FRS 102: Transition to FRS 102 |
| Publication date | 13 December 2018 |
| Type | Information sheet |
| Format | PDF, 358.2 KB |
| Name | Fact Sheet 8 - FRS 102: Climate-related matters (amended March 2024) |
| Publication date | 27 March 2024 |
| Type | Information sheet |
| Format | PDF, 292.7 KB |
Previous Staff Education Notes
The FRC Staff have prepared 16 Staff Education Notes for the convenience of users of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The Staff Education Notes are not part of FRS 102. They aim to illustrate certain requirements of FRS 102, but should not be relied upon as a definitive statement on the application of that standard. The illustrative material is not a substitute for reading the detailed requirements of FRS 102.
The Staff Education Notes are written for entities that apply FRS 102. Entities that use Section 1A Small Entities of FRS 102 may still find the Staff Education Notes useful because the recognition and measurement requirements of FRS 102 also apply to these entities. Where the Staff Education Notes provide guidance relating to the presentation and disclosure requirements of FRS 102, small entities should refer to the applicable requirements of Section 1A, since some of the FRS 102 requirements may not apply to them. This table (PDF) summarises to what extent the Staff Education Notes may be useful for entities applying Section 1A of FRS 102.
For entities that apply FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime some of the content of the Staff Education Notes may be useful, but there are a number of significant differences between the recognition, measurement, presentation and disclosure requirements of FRS 102 and FRS 105. This affects the extent to which the Staff Education Notes can be used by an entity applying FRS 105. If an entity applying FRS 105 wishes to use them they need to do so by reference to FRS 105. This table (PDF) summarises where some of the content in the Staff Education Notes may be useful for entities applying FRS 105.
Some of the Staff Education Notes include an analysis of differences between the applicable reporting requirements under previous UK and Ireland GAAP and FRS 102. This is an assessment of the principal accounting requirements, but it is not necessarily intended to identify differences in the detail which could result in a change in the accounting for certain transactions.
Unless otherwise stated below, the Staff Education Notes were published in December 2013 and have not been subsequently updated for any changes to the law, regulations or FRS 102.
| Name | SEN 01 - Cash Flow Statements |
|---|---|
| Publication date | 18 December 2013 |
| Type | Guidance |
| Format | PDF, 383.7 KB |
| Name | SEN 02 Debt Instruments Amortised Costs (amended Oct 2015) |
| Publication date | 27 October 2015 |
| Type | Information sheet |
| Format | PDF, 292.0 KB |
| Name | SEN 03 - Impairments to trade debtors |
| Publication date | 18 December 2013 |
| Type | Guidance |
| Format | PDF, 152.8 KB |
| Name | SEN 04 - Investment Properties |
| Publication date | 18 December 2013 |
| Type | Guidance |
| Format | PDF, 109.9 KB |
| Name | SEN 05 - Property, Plant and Equipment |
| Publication date | 18 December 2013 |
| Type | Guidance |
| Format | PDF, 134.7 KB |
| Name | SEN 06 - Leases |
| Publication date | 18 December 2013 |
| Type | Guidance |
| Format | PDF, 201.8 KB |
| Name | SEN 07 - Revenue Recognition |
| Publication date | 18 December 2013 |
| Type | Guidance |
| Format | PDF, 181.9 KB |
| Name | SEN 08 - Government Grants |
| Publication date | 18 December 2013 |
| Type | Guidance |
| Format | PDF, 103.1 KB |
| Name | SEN 09 - Employee Benefits - Short term employee benefits and termination benefits |
| Publication date | 18 December 2013 |
| Type | Guidance |
| Format | PDF, 120.1 KB |
| Name | SEN 10 - Employee Benefits - Defined benefit plans |
| Publication date | 18 December 2013 |
| Type | Guidance |
| Format | PDF, 146.6 KB |
| Name | SEN 11 - Forward Exchange Contracts |
| Publication date | 18 December 2013 |
| Type | Guidance |
| Format | PDF, 242.6 KB |
| Name | SEN 12 - Incoming Resources from non-exchange transactions |
| Publication date | 18 December 2013 |
| Type | Guidance |
| Format | PDF, 166.2 KB |
| Name | SEN 13 - Transition to FRS 102 (amended Oct 2015) |
| Publication date | 27 October 2015 |
| Type | Information sheet |
| Format | PDF, 358.4 KB |
| Name | SEN 14 - Illustrative Credit Union Financial Statements |
| Publication date | 18 December 2013 |
| Type | Guideline |
| Format | PDF, 505.5 KB |
| Name | SEN 15 - Acquisitions and Disposals of Subsidiaries |
| Publication date | 18 December 2013 |
| Type | Guidance |
| Format | PDF, 194.9 KB |
| Name | SEN 16 - Financing Transactions (Oct 2015) |
| Publication date | 27 October 2015 |
| Type | Information sheet |
| Format | PDF, 363.3 KB |