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. Any amendments that would be required to reflect these changes do not affect the usability of these Staff Education Notes.

SEN 01 Cash flow statements (PDF)
SEN 02 Debt instruments – amortised cost (updated October 2015) (PDF)
SEN 03 Impairments to trade debtors (PDF)
SEN 04 Investment properties (PDF)
SEN 05 Property, plant and equipment (PDF)
SEN 06 Leases (PDF)
SEN 07 Revenue recognition (PDF)
SEN 08 Government grants (PDF)
SEN 09 Employee benefits – Short-term employee benefits and termination benefits (PDF)
SEN 10 Employee benefits – Defined benefit plans (PDF)
SEN 11 Forward exchange contracts  (PDF)
SEN 12 Incoming resources from non-exchange transactions (PDF)
SEN 13 Transition to FRS 102 (updated October 2015) (PDF)
SEN 14 Illustrative credit union financial statements (PDF)
SEN 15 Acquisitions and disposals of subsidiaries (PDF)
SEN 16 Financing transactions (PDF)

As indicated above some of the Staff Education Notes have been updated since their original issue. If you require a previous version of a Staff Education Note please email