Financial Reporting Standards
Changes effective for annual periods beginning after 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.

The following are the new/revised/amendments to FRSs issued up to 31 December 2023 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any practice directions issued or deemed to have been issued, by the Council before 1 April 2023, and which have not been revoked before that date, shall continue in force after that date as if made or formulated or issued by the ASC after that date.

 

Financial Reporting Standards

Standard 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 (PDF, 94KB) To be determined1 19 Nov 2014
Issued in 2015
FRS 110, FRS 28 Effective Date of Amendments to FRS 110 and FRS 28 (PDF, 75KB) - 23 Dec 2015
Issued in 2020
FRS 1 Amendments to FRS 1: Classification of Liabilities as Current or Non-current (PDF, 146KB)
 1 Jan 20242 29 May 2020
FRS 1 Amendment to FRS 1: Classification of Liabilities as Current or Non-current—Deferral of Effective Date (PDF, 91KB)
 - 23 Jul 2020
Issued in 2022
FRS 116 Amendments to FRS 116: Lease Liability in a Sale and Leaseback (PDF, 192KB)
 1 Jan 2024 14 Dec 2022
Various Amendments to FRS 1: Non-current Liabilities with Covenants (PDF, 145KB)
 1 Jan 2024 14 Dec 2022
Issued in 2023
FRS 7, FRS 107 Amendments to FRS 7 and FRS 107: Supplier Finance Arrangements (PDF, 130KB)  1 Jan 2024 9 Jun 2023
FRS 21, FRS 101 Amendments to FRS 21: Lack of Exchangeability (PDF, 228KB) 1 Jan 2025 26 Sep 2023
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 Effective Date of Amendments to FRS 110 and FRS 28.
2The mandatory effective date of this Amendment had been revised from 1 Jan 2022 to 1 Jan 2023 by the ASC in Jul 2020 via Amendment to FRS 1: Classification of Liabilities as Current or Non-current—Deferral of Effective Date and further revised to 1 Jan 2024 in Dec 2022 via Amendments to FRS 1: Non-current Liabilities with Covenants.
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