FRS 102: Employee benefits reporting changes

Steve Collings highlights some of the issues surrounding employee benefits in section 28 of the new financial reporting standard coming into play in January.

FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' essentially modernises the way in which financial reporting in the UK will take place. This article will take a look at the technical content relating to employee benefits and consider some additional areas that accountants using the standard will need to take on board for accounting periods commencing on or after 1 January 2015.

Section 28 on employee benefits deals with all forms of consideration given by an entity to its employees and directors in exchange for services rendered. Section 28 does not, however, deal with share-based payment transactions as these are covered by section 26 of the standard.

Section 28 deals with the following types of employee benefits...

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