Financial Reporting Standards
Changes effective for annual periods beginning after 1 January 2022

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 2022 which are effective for annual reporting periods beginning after 1 January 2022.

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 20243 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
Various Amendments to FRS 117 (PDF, 929KB)
 1 Jan 2023 27 Nov 2020
Issued in 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
FRS 117 Amendment to FRS 117: Initial Application of FRS 117 and FRS 109—Comparative Information (PDF, 136KB)
 Refer to document 14 Dec 2021
Issued in 2022
FRS 116 Amendments to FRS 116: Lease Liability in a Sale and Leaseback  (PDF, 193KB) 1 Jan 2024 14 Dec 2022
Various Amendments to FRS 1: Non-current Liabilities with Covenants  (PDF, 198KB) 1 Jan 2024 14 Dec 2022
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 and further revised to 1 Jan 2024 in Dec 2022 via Amendments to FRS 1: Non-current Liabilities with Covenants.
Did you find this page useful?
back to top