Financial Reporting Standards
Effective for annual periods beginning on 1 January 2018


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.

This collection of FRSs includes official pronouncements issued by the ASC up to 31 December 2017 and are required to be applied for annual periods beginning on 1 January 2018. The collection does not include new/revised/amendments to FRSs which are effective for annual periods beginning after 1 January 2018.

Preface and Conceptual Framework

 Financial Reporting Standards
Reference Title Accompanying Documents*
FRS 1 Presentation of Financial Statements IG
FRS 2 Inventories -
FRS 7 Statement of Cash Flows IE
FRS 8 Accounting Policies, Changes in Accounting Estimates and Errors IG
FRS 10 Events After the Reporting Period -
FRS 12 Income Taxes IE
FRS 16 Property, Plant and Equipment -
FRS 17 Leases IG
FRS 19 Employee Benefits -
FRS 20 Accounting for Government Grants and Disclosure of Government Assistance -
FRS 21 The Effects of Changes in Foreign Exchange Rates -
FRS 23 Borrowing Costs -
FRS 24 Related Party Disclosures IE
FRS 26 Accounting and Reporting by Retirement Benefit Plans -
FRS 27 Separate Financial Statements -
FRS 28 Investments in Associates and Joint Ventures -
FRS 29 Financial Reporting in Hyperinflationary Economies -
FRS 32 Financial Instruments: Presentation IE
FRS 33 Earnings per Share IE
FRS 34 Interim Financial Reporting IE
FRS 36 Impairment of Assets IE
FRS 37 Provisions, Contingent Liabilities and Contingent Assets IG
FRS 38 Intangible Assets IE
FRS 39 Financial Instruments: Recognition and Measurement IE & IG
FRS 40 Investment Property -
FRS 41 Agriculture IE
FRS 101 First-time Adoption of Financial Reporting Standards IG
FRS 102 Share-based Payment IG
FRS 103 Business Combinations IE
FRS 104 Insurance Contracts IG
FRS 105 Non-current Assets Held for Sale and Discontinued Operations IG
FRS 106 Exploration for and Evaluation of Mineral Resources -
FRS 107 Financial Instruments: Disclosures IG
FRS 108 Operating Segments IG
FRS 109 Financial Instruments IE & IG
FRS 110 Consolidated Financial Statements IE
FRS 111 Joint Arrangements IE
FRS 112 Disclosure of Interests in Other Entities -
FRS 113 Fair Value Measurement IE
FRS 114 Regulatory Deferral Accounts IE
FRS 115 Revenue from Contracts with Customers IE
* Include Implementation Guidance (IG) and Illustrative Examples (IE).

 Interpretations of Financial Reporting Standards
Reference Title Accompanying Documents*
INT FRS 7 Introduction of the Euro -
INT FRS 10 Government Assistance - No Specific Relation to Operating Activities -
INT FRS 15 Operating Leases - Incentives IE
INT FRS 25 Income Taxes - Changes in the Tax Status of an Entity or its Shareholders -
INT FRS 27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease IG
INT FRS 29 Service Concession Arrangements: Disclosures -
INT FRS 32 Intangible Assets - Web Site Costs IE
INT FRS 101 Changes in Existing Decommissioning, Restoration and Similar Liabilities IE
INT FRS 104 Determining whether an Arrangement contains a Lease IE
INT FRS 105 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds -
INT FRS 106 Liabilities arising from Participating in a Specific Market - Waste Electrical and Electronic Equipment -
INT FRS 107 Applying the Restatement Approach under FRS 29 Financial Reporting in Hyperinflationary Economies IE
INT FRS 110 Interim Financial Reporting and Impairment -
INT FRS 112 Service Concession Arrangements IN & IE
INT FRS 114 FRS 19 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction IE
INT FRS 116 Hedges of a Net Investment in a Foreign Operation IE
INT FRS 117 Distributions of Non-cash Assets to Owners IE
INT FRS 119 Extinguishing Financial Liabilities with Equity Instruments -
INT FRS 120 Stripping Costs in the Production Phase of a Surface Mine -
INT FRS 121 Levies IE
INT FRS 122 Foreign Currency Transactions and Advance Consideration IE
* Include Implementation Guidance (IG) and Illustrative Examples (IE).

Please click here to download all the FRSs and INT FRSs in the 2018 volume.


Archived documents can be accessed here.



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Last updated on 18 January 2018