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SEN 10 - Employee Benefits - Defined benefit plans
Financial Reporting Council
Accounting and Reporting Policy FRS 102
Staff Education Note 10 Employee benefits Defined benefit plans
Disclaimer This Education Note has been prepared by FRC staff for the convenience of users of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. It aims to illustrate certain requirements of FRS 102, but should not be relied upon as a definitive statement on the application of the standard. The illustrative material is not a substitute for reading the detailed requirements of FRS 102.
Introduction
This Staff Education Note compares the accounting treatment for defined benefit plans as set out in current UK accounting standards (FRS 17 Retirement Benefits) and Section 28 Employee Benefits of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.
In particular, it focuses on:
- multi-employer and group schemes; and
- general requirements.
This Staff Education Note is written to highlight key areas of consideration when transitioning to FRS 102 and is not designed to be exhaustive.