Financial Reporting Standards
Changes effective for annual periods beginning after 1 January 2016

 

Financial Reporting Standards (FRSs) refer to Financial Reporting Standards and Interpretations of Financial Reporting Standards issued by the ASC.

FRSs issued by the ASC are published for your own personal non-commercial use only, subject to the Terms & Conditions of Use of this Web Site. As FRSs are based on International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board and the copyright to IFRSs is owned by the IFRS Foundation, permission to use FRSs for any other purpose is required from the ASC and the IFRS Foundation with regard to FRSs and IFRSs, respectively.

The following are new/revised/amendments to FRSs and INT FRSs issued by the ASC up to 31 December 2016 which are effective for annual periods beginning after 1 January 2016.


Financial Reporting Standards

Reference Title Effective Date
(Annual periods beginning on
or after)
Issuance Date
Issued in 2014
FRS 115 Revenue from Contracts with Customers
Illustrative Examples
1 Jan 20181 19 Nov 2014
FRS 110, FRS 28 Amendments to FRS 110 and FRS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture To be determined2 19 Nov 2014
FRS 109 Financial Instruments
Illustrative Examples
Implementation Guidance
Amendments to Guidance on Other Standards
1 Jan 2018 11 Dec 2014
Issued in 2015
FRS 115 Amendments to FRS 115: Effective Date of FRS 115 - 11 Nov 2015
FRS 110, FRS 28 Amendments to Effective Date of Amendments to FRS 110 and FRS 28 - 23 Dec 2015
Issued in 2016
FRS 7 Amendments to FRS 7: Disclosure Initiative 1 Jan 2017 11 Mar 2016
FRS 12 Amendments to FRS 12: Recognition of Deferred Tax Assets for Unrealised Losses 1 Jan 2017 11 Mar 2016
FRS 115 Amendments to FRS 115: Clarifications to FRS 115 Revenue from Contracts with Customers 1 Jan 2018 8 Jun 2016
FRS 116 Leases
Illustrative Examples & Amendments to Guidance on Other Standards
1 Jan 2019 30 Jun 2016
FRS 102 Amendments to FRS 102: Classification and Measurement of Share-based Payment Transactions 1 Jan 2018 28 Oct 2016
FRS 40 Amendments to FRS 40: Transfers of Investment Property 1 Jan 2018 22 Dec 2016
Various Improvements to FRSs (December 2016) Refer to document 22 Dec 2016
FRS 104 Amendments to FRS 104: Applying FRS 109 Financial Instruments with FRS 104 Insurance Contracts Refer to document 23 Dec 2016

 

1The mandatory effective date of this FRS had been revised from 1 Jan 2017 to 1 Jan 2018 by the ASC in Nov 2015 via Amendments to FRS 115: Effective Date of FRS 115.

2The mandatory effective date of this Amendment had been revised from 1 Jan 2016 to a date to be determined by the ASC in Dec 2015 via Amendments to Effective Date of Amendments to FRS 110 and FRS 28.

 

 

Interpretations of Financial Reporting Standards

Reference Title Effective Date
(Annual periods beginning on
or after)
Issuance Date
Issued in 2016
INT FRS 122 Foreign Currency Transactions and Advance Consideration
Illustrative Examples
1 Jan 2018 22 Dec 2016





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Last updated on 23 December 2016