Financial Reporting Standards
Changes effective for annual periods beginning after 1 January 2018

 

FRSs


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 2018 which are effective for annual periods beginning after 1 January 2018.
 

Financial Reporting Standards
Reference Title Effective Date
Issuance Date
Issued in 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 determined1 19 Nov 2014
Issued in 2015
FRS 110, FRS 28 Amendments to Effective Date of Amendments to FRS 110 and FRS 28 - 23 Dec 2015
Issued in 2016
FRS 116 Leases
Illustrative Examples & Amendments to Guidance on Other Standards
1 Jan 2019 30 Jun 2016
Issued in 2017
FRS 109 Amendments to FRS 109: Prepayment Features with Negative Compensation 1 Jan 2019 29 Dec 2017
FRS 28 Amendments to FRS 28: Long-term Interests in Associates and Joint Ventures 1 Jan 2019 29 Dec 2017
Issued in 2018
Various Improvements to FRSs (March 2018) 1 Jan 2019 7 Mar 2018
FRS 117 Insurance Contracts
Illustrative Examples
1 Jan 2021 29 Mar 2018
FRS 19 Amendments to FRS 19: Plan Amendment, Curtailment or Settlement 1 Jan 2019 31 Jul 2018

1The 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
Issuance Date
Issued in 2017
INT FRS 123 Uncertainty over Income Tax Treatments
Illustrative Examples
1 Jan 2019 18 Sep 2017
 




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Last updated on 28 December 2018