Financial Reporting Standards
Changes effective for annual periods beginning after 1 January 2024

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 IFRS Accounting Standards issued by the International Accounting Standards Board and the copyright to IFRS Accounting 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 Accounting Standards, respectively.

The following are the new/revised/amendments to FRSs issued up to 31 December 2024 which are effective for annual reporting periods beginning after 1 January 2024.

 

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 2023
FRS 21, FRS 101 Amendments to FRS 21: Lack of Exchangeability (PDF, 228KB) 1 Jan 2025 26 Sep 2023
Issued in 2024
FRS 118 Presentation and Disclosure in Financial Statements (PDF, 1109KB)
Illustrative Examples (PDF, 1085KB)		 1 Jan 2027 4 Oct 2024
FRS 109, FRS 107 Amendments to FRS 109 and FRS 107: Amendments to the Classification and Measurement of Financial Instruments (PDF, 235KB) 1 Jan 2026 4 Oct 2024
Various Annual Improvements to FRSs—Volume 11 (PDF, 258KB) 1 Jan 2026 4 Oct 2024
FRS 119 Subsidiaries without Public Accountability: Disclosures (PDF, 612KB) 1 Jan 2027 25 Oct 2024
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.
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