Financial Reporting Standards
Effective for annual reporting period beginning on 1 January 2023

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

FRSs 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 (IFRS Standards) issued by the International Accounting Standards Board and the copyright to IFRS Standards is owned by the IFRS Foundation, permission to use FRSs for any other purpose is required from ACRA and the IFRS Foundation with regard to FRSs and IFRS Standards, respectively.

This collection of FRSs includes official pronouncements issued up to 31 December 2022 and are required to be applied for annual reporting period beginning on 1 January 2023. The collection does not include new/revised/amendments to FRSs which are effective for annual reporting periods beginning after 1 January 2023.

^ Pursuant to the Accountancy Functions (Consolidation) Act 2022, any accounting standards made or formulated or deemed to have been made or formulated, and any practice directions issued or deemed to have been issued, by the Council before 1 April 2023, and which have not been revoked before that date, shall continue in force after that date as if made or formulated or issued by the ASC after that date.

Preface and Conceptual Framework

Reference Title
Preface Preface to Financial Reporting Standards (PDF, 97KB)
Framework The Conceptual Framework for Financial Reporting (PDF, 626KB)

Financial Reporting Standards

Reference Title Accompanying Documents*
FRS 1 Presentation of Financial Statements (PDF, 369KB) IG (PDF, 293KB)
FRS 2 Inventories (PDF, 162KB) -
FRS 7 Statement of Cash Flows (PDF, 206KB) IE (PDF, 250KB)
FRS 8 Accounting Policies, Changes in Accounting Estimates and Errors (PDF, 238KB) IG (PDF, 138KB)
FRS 10 Events after the Reporting Period (PDF, 156KB) -
FRS 12 Income Taxes (PDF, 360KB) IE (PDF, 449KB)
FRS 16 Property, Plant and Equipment (PDF, 281 KB) -
FRS 19 Employee Benefits (PDF, 582KB) -
FRS 20 Accounting for Government Grants and Disclosure of Government Assistance (PDF, 159KB) -
FRS 21 The Effects of Changes in Foreign Exchange Rates (PDF, 242KB) -
FRS 23 Borrowing Costs (PDF, 122KB) -
FRS 24 Related Party Disclosures (PDF, 181KB) IE (PDF, 199KB)
FRS 26 Accounting and Reporting by Retirement Benefit Plans (PDF, 169KB) -
FRS 27 Separate Financial Statements (PDF, 182KB) -
FRS 28 Investments in Associates and Joint Ventures (PDF, 257KB) -
FRS 29 Financial Reporting in Hyperinflationary Economies (PDF, 115KB) -
FRS 32 Financial Instruments: Presentation (PDF, 405KB) IE (PDF, 321KB)
FRS 33 Earnings per Share (PDF, 267KB) IE (PDF, 307KB)
FRS 34 Interim Financial Reporting (PDF, 200KB) IE (PDF, 165KB)
FRS 36 Impairment of Assets (PDF, 448KB) IE (PDF, 391KB)
FRS 37 Provisions, Contingent Liabilities and Contingent Assets (PDF, 253KB) IG (PDF, 206KB)
FRS 38 Intangible Assets (PDF, 331KB) IE (PDF, 71KB)
FRS 39 Financial Instruments: Recognition and Measurement (PDF, 351KB) IE & IG (PDF, 218KB)
FRS 40 Investment Property (PDF, 228KB) -
FRS 41 Agriculture (PDF, 219KB) IE (PDF, 122KB)
FRS 101 First-time Adoption of Financial Reporting Standards (PDF, 376KB) IG (PDF, 368KB)
FRS 102 Share-based Payment (PDF, 443KB) IG (PDF, 334KB)
FRS 103 Business Combinations (PDF, 515KB) IE (PDF, 407KB)
FRS 105 Non-current Assets Held for Sale and Discontinued Operations (PDF, 174KB) IG (PDF, 198KB)
FRS 106 Exploration for and Evaluation of Mineral Resources (PDF, 114KB) -
FRS 107 Financial Instruments: Disclosures (PDF, 547KB) IG (PDF, 351KB)
FRS 108 Operating Segments (PDF, 146KB) IG (PDF, 163KB)
FRS 109 Financial Instruments (PDF, 1299KB) IE (PDF, 575KB) & IG (PDF, 307KB)
FRS 110 Consolidated Financial Statements (PDF, 490KB) IE (PDF, 86KB)
FRS 111 Joint Arrangements (PDF, 324KB) IE (PDF, 237KB)
FRS 112 Disclosure of Interests in Other Entities (PDF, 297KB) -
FRS 113 Fair Value Measurement (PDF, 400KB) IE (PDF, 452KB)
FRS 114 Regulatory Deferral Accounts (PDF, 196KB) IE (PDF, 212KB)
FRS 115 Revenue from Contracts with Customers (PDF, 472KB) IE (PDF, 607KB)
FRS 116 Leases (PDF, 417KB) IE (PDF, 432KB)
FRS 117 Insurance Contracts (PDF, 417KB) IE (PDF, 432KB)
* Include Implementation Guidance (IG), Illustrative Examples (IE), and Information Notes (IN).

Interpretations of Financial Reporting Standards

Reference Title Accompanying Documents*
INT FRS 7 Introduction of the Euro (PDF, 87KB) -
INT FRS 10 Government Assistance - No Specific Relation to Operating Activities (PDF, 164KB) -
INT FRS 25 Income Taxes - Changes in the Tax Status of an Entity or its Shareholders (PDF, 172KB) -
INT FRS 29 Service Concession Arrangements: Disclosures (PDF, 112KB) -
INT FRS 32 Intangible Assets - Web Site Costs (PDF, 193KB) IE (PDF, 124KB)
INT FRS 101 Changes in Existing Decommissioning, Restoration and Similar Liabilities (PDF, 122KB) IE (PDF, 108KB)
INT FRS 105 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds (PDF, 103KB) -
INT FRS 106 Liabilities arising from Participating in a Specific Market - Waste Electrical and Electronic Equipment (PDF, 190KB) -
INT FRS 107 Applying the Restatement Approach under FRS 29 Financial Reporting in Hyperinflationary Economies (PDF, 110KB) IE (PDF, 145KB)
INT FRS 110 Interim Financial Reporting and Impairment (PDF, 88KB) -
INT FRS 112 Service Concession Arrangements (PDF, 223KB) IN & IE (PDF, 246KB)
INT FRS 114 FRS 19 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction (PDF, 229KB) IE (PDF, 128KB)
INT FRS 116 Hedges of a Net Investment in a Foreign Operation (PDF, 198KB) IE (PDF, 63KB)
INT FRS 117 Distributions of Non-cash Assets to Owners (PDF, 124KB) IE (PDF, 50KB)
INT FRS 119 Extinguishing Financial Liabilities with Equity Instruments (PDF, 118 KB) -
INT FRS 120 Stripping Costs in the Production Phase of a Surface Mine (PDF, 123KB) -
INT FRS 121 Levies (PDF, 107KB) IE (PDF, 100KB)
INT FRS 122 Foreign Currency Transactions and Advance Consideration (PDF, 77KB) IE (PDF, 143KB)
INT FRS 123 Uncertainty over Income Tax Treatments (PDF, 89KB) IE (PDF, 104KB)
* Include Implementation Guidance (IG), Illustrative Examples (IE), and Information Notes (IN).

Please click here  (23768 KB) to download all the FRSs and INT FRSs in the 2023 volume.

The following amendment to FRSs issued in May 2023 includes changes to the requirements in FRSs that are effective either immediately with retrospective application or for annual reporting periods beginning on 1 January 2023. Entities are required to apply those changes when applying the requirements in the above collection of FRSs.

Reference Title Effective Date Issuance Date
FRS 12 Amendments to FRS 12: International Tax Reform—Pillar Two Model Rules (PDF, 107KB)  Refer to document 23 May 2023


Archived documents can be accessed here.

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