Financial Reporting Standards
Changes effective for annual periods beginning after 1 January 2021

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 (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 the ASC and the IFRS Foundation with regard to FRSs and IFRS Standards, respectively.

The following are the new/revised/amendments to FRSs issued by the ASC up to 31 December 2021 which are effective for annual reporting periods beginning after 1 January 2021.

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 (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 2018
FRS 117 Insurance Contracts (PDF, 766KB)
Illustrative Examples (PDF, 1016KB) 		1 Jan 20232 29 Mar 2018
Issued in 2020
FRS 1 Amendments to FRS 1: Classification of Liabilities as Current or Non-current (PDF, 146KB)
 1 Jan 20233 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
FRS 103 Amendments to FRS 103: Reference to the Conceptual Framework (PDF, 102KB)
 1 Jan 2022 30 Jul 2020
FRS 16 Amendments to FRS 16: Property, Plant and Equipment—Proceeds before Intended Use (PDF, 136KB)
 1 Jan 2022 30 Jul 2020
FRS 37 Amendments to FRS 37: Onerous Contracts—Cost of Fulfilling a Contract (PDF, 126KB)
 1 Jan 2022 30 Jul 2020
Various Annual Improvements to FRSs 2018-2020 (PDF, 162KB)
 1 Jan 2022 30 Jul 2020
Various Amendments to FRS 117 (PDF, 929KB)
 1 Jan 2023 27 Nov 2020
Issued in 2021
FRS 116 Amendment to FRS 116: Covid-19-Related Rent Concessions beyond 30 June 2021 (PDF, 90KB)
 1 Apr 2021 31 Mar 2021
Various Amendments to FRS 1 and FRS Practice Statement 2: Disclosure of Accounting Policies (PDF, 222KB)
 1 Jan 2023 7 Jun 2021
FRS 8 Amendments to FRS 8: Definition of Accounting Estimates (PDF, 162KB)
 1 Jan 2023 7 Jun 2021
FRS 12, FRS 101 Amendments to FRS 12: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (PDF, 166KB)
 1 Jan 2023 15 Sep 2021
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 Standard had been revised from 1 Jan 2021 to 1 Jan 2023 by the ASC in Nov 2020 via Amendments to FRS 117.
3The 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.
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