Route 102 – One man’s year-long journey……Day 34

  • By Mercia Group
  • 5 March 2015 00:00

To mark this momentous year for UK GAAP, I'm embarking on a mission to work my way through FRS 102, reading a portion on each working day of 2015 and writing a short blog entry on my thoughts and musings (be they few or many).

Day 34 (5 Mar)

I'm still in lovely Yorkshire, and about to give a course on FRS 102. Life doesn't get better than this! To cap it all, at last we leave the murky thickets of section 11 today (only to face the dreaded marshes of section 12...)

The last part of section 11 covers the presentation and disclosure for basic instruments, and it's pretty extensive. As you'd expect, we include the movements on balance sheet instruments as well as the gains and losses included in profit or loss. But there's also plenty of wider disclosure about how we arrived at fair value, any collateral advanced as a pledge for financial liabilities, derecognition etc, along with a very broad requirement in 11.42 to cover anything else that helps users understand the significance of financial instruments for the entity's position and performance.

I'm not working tomorrow and am spending the weekend demonstrating Lego spaceships to a (hopefully impressed) Leicester public. If you're in Leicester at the weekend and want to see for yourself, make your way to the National Space Centre and I'll see you there...

P.S. If you missed the last instalment please click here.

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