The Financial Reporting Council (FRC) has published 15 Staff Education Notes (SEN) which are intended to illustrate certain requirements of FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.

The list includes: 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; and SEN 15 Acquisitions and disposals of subsidiaries.

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 and the regulator cautions that they are not a substitute for reading the detailed requirements of FRS 102.

The SENs are available on the FRC website HERE