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Accounting and Corporate Regulatory Authority

ASC issues Presentation and Disclosure in Financial Statements and various narrow-scope amendments to SFRS(I)s and FRSs

Audience

Accountants

Accounting entities

News Topic

Accounting standards and sector regulation

Category

Announcement

4 October 2024

This article has been migrated from an earlier version of the site and may display formatting inconsistencies.

The Accounting Standards Committee (ASC) has issued the following:

1.     SFRS(I) 18: Presentation and Disclosure in Financial Statements (opens in new tab) and FRS 118: Presentation and Disclosure in Financial Statements (opens in new tab);

2.     Amendments to SFRS(I) 9 and SFRS(I) 7: Amendments to the Classification and Measurement of Financial Instruments (opens in new tab) and Amendments to FRS 109 and FRS 107: Amendments to the Classification and Measurement of Financial Instruments (opens in new tab), effective for annual reporting periods beginning on or after 1 January 2026; and

3.     Annual Improvements to SFRS(I)s—Volume 11 (opens in new tab) and Annual Improvements to FRSs—Volume 11 (opens in new tab), effective for annual reporting periods beginning on or after 1 January 2026.

Entities should begin their assessment of the new and amended SFRS(I)s and FRSs and prepare early to ensure a smooth transition to the new requirements, particularly for SFRS(I) 18 and FRS 118 that will replace SFRS(I) 1-1 Presentation of Financial Statements and FRS 1 Presentation of Financial Statements respectively. Changes in reporting resulting from SFRS(I) 18 or FRS 118 will depend on entities’ current reporting practices and IT systems.

For more information on Accounting Standards, please click here.