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Financial Reporting Standards

Compliance with FRS are legislated under Financial Reporting Act 1997 [Section 26D].

Standard Title Effective Date Issuance Date Status Comparison with previous Standard

FRS 1

Explanatory

Amendment to BC (Annual Improvements to FRSs 2011-2013 Cycle)

First-time Adoption of Financial Reporting Standards [Compiled Jan 2011] 1 Jul 2010 Jan 2010 Enacted -
Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters (Amendments to FRS 1)
1 Jan 2012 Nov 2011 Enacted -
Government Loans (Amendments to FRS 1) 1 Jan 2013 Apr 2012 Enacted -

Amendment to FRS 1 [Improvements to FRSs (2012)]

1 Jan 2013 Jul 2012 Enacted  -

FRS 2

Explanatory

 

Share-based Payment [Compiled Sept 2010] 1 Jan 2006 Feb 2006 Enacted -

Amendment to FRS 2 (Annual Improvements to FRSs 2010-2012 Cycle) 

 1 Jul 2014  Feb 2014 Enacted  

 

Classification and Measurement of Share-based Payment Transactions (Amendments to FRS 2)

1 Jan 2018 Aug 2016 Enacted -

FRS 3

Explanatory

 

 

Business Combinations [Compiled Apr 2011]

1 Jul 2010

Jan 2010 Enacted -

Amendment to FRS 3 (Annual Improvements to FRSs 2010-2012 Cycle) 

 1 Jul 2014  Feb 2014 Enacted -

Amendment to FRS 3 (Annual Improvements to FRSs 2011-2013 Cycle) 

 1 Jul 2014  Feb 2014 Enacted -

FRS 4

Explanatory

Insurance Contracts 1 Jan 2010 Nov 2008 Enacted -

FRS 5

Explanatory

Non-current Assets Held for Sale and Discontinued Operations 1 Jan 2006 Feb 2006 Enacted View
Amendment to FRS5 [Improvements to FRSs (2009)]

1 Jan 2010 Sep 2009 Enacted -
Amendments to FRS5 Non-current Assets Held for Sale and Discontinued Operations 

1 Jul 2010 Jan 2010 Enacted -

Amendment to FRS 5 (Annual Improvements to FRSs 2012–2014 Cycle)

 1 Jan 2016 Nov 2014  Enacted  -

FRS 6

Explanatory

Exploration for and Evaluation of Mineral Resources [Compiled Aug 2010] 1 Jan 2007 Aug 2006 Enacted -

FRS 7

Explanatory

Amendment to BC (Improving Disclosures about Financial Instruments)

Financial Instruments: Disclosures 1 Jan 2010 Nov 2008 Enacted -
Amendments to FRS 139 Financial Instruments: Recognition and Measurement, FRS 7 Financial Instruments: Disclosures and IC Interpretation 9 Reassessment of Embedded Derivatives 1 Jan 2010 Sept 2009 Enacted -
Improving Disclosures about Financial Instruments (Amendments to FRS 7) 1 Jan 2011 Mar 2010 Enacted -
Amendments to FRS 7 [Improvements to FRSs (2010)] 1 Jan 2011 Nov 2010 Enacted -
Disclosures – Transfers of Financial Assets (Amendments to FRS 7) 1 Jan 2012 Nov 2011 Enacted -
Disclosures—Offsetting Financial Assets and Financial Liabilities (Amendments to FRS 7) 1 Jan 2013 Mar 2012  Enacted  -

Mandatory Effective Date of FRS 9 and Transition Disclosures

(Amendments to FRS 9 (IFRS 9 issued by IASB in November 2009), FRS 9 (IFRS 9 issued by IASB in October 2010) and FRS 7)

Effective upon application of FRS 9 (IFRS 9 issued by IASB in November 2009) and FRS 9 (IFRS 9 issued by IASB in October 2010)  Mar 2012 Enacted -

Amendments to FRS 7 (Annual Improvements to FRSs 2012–2014 Cycle)

1 Jan 2016 Nov 2014 Enacted -

FRS 8

Explanatory

Operating Segments 1 Jul 2009 Nov 2008 Enacted -
Amendment to FRS8 [Improvements to FRSs (2009)] 1 Jan 2010 Sep 2009 Enacted -

Amendment to FRS 8 (Annual Improvements to FRSs 2010-2012 Cycle) 

 1 Jul 2014  Feb 2014 Enacted

FRS 9

(IFRS 9 (2009))

BC

Financial Instruments (IFRS 9 issued by IASB in November 2009) [will withdrawn on the application of FRS 9 (IFRS 9 as issued by IASB in July 2014)] [See Notice of 17 Nov 2014]


 

 

 

Nov 2011 Enacted -

Mandatory Effective Date of FRS 9 and Transition Disclosures

(Amendments to FRS 9 (IFRS 9 issued by IASB in November 2009), FRS 9 (IFRS 9 issued by IASB in October 2010) and FRS 7)

Mar 2012 Enacted -

FRS 9

(IFRS 9 (2010))

BC

IE

 

Financial Instruments (IFRS 9 issued by IASB in October 2010) [will withdrawn on the application of FRS 9 (IFRS 9 as issued by IASB in July 2014)] Nov 2011 Enacted -

Mandatory Effective Date of FRS 9 and Transition Disclosures

(Amendments to FRS 9 (IFRS 9 issued by IASB in November 2009), FRS 9 (IFRS 9 issued by IASB in October 2010) and FRS 7)

Mar 2012 Enacted -

FRS 9

(IFRS 9 (2013))

BC

IG

Financial Instruments (Hedge Accounting and amendments to FRS 9, FRS 7 and FRS 139) [will withdrawn on the application of FRS 9 (IFRS 9 as issued by IASB in July 2014)] 

 Feb 2014  Enacted  -

 

FRS 9

 

(IFRS 9 (2014))

BC

IG

 

Financial Instruments (IFRS 9 as issued by IASB in July 2014) 

 

1 Jan 2018  Nov 2014  Enacted  -

FRS 10

BC

 

 

 

 

Consolidated Financial Statements 1 Jan 2013 Nov 2011 Enacted -

Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance (Amendments to FRS 10, FRS 11 and FRS 12)

1 Jan 2013 Jul 2012 Enacted -

Investment Entities (Amendments to FRS 10, FRS 12 and FRS 127)

 1 Jan 2014 Feb 2013  Enacted 

Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to FRS 10 and FRS 128)

 

Effective Date of Amendments of FRS 10 and FRS 128

Deferred

Nov 2014

 

 

 

Dec 2015

Enacted -

Investment Entities: Applying the Consolidation Exception (Amendments to FRS 10, FRS 12 and FRS 128)

1 Jan 2016 Jan 2015 Enacted -

FRS 11

BC

IE

Joint Arrangements 1 Jan 2013 Nov 2011 Enacted -

Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance (Amendments to FRS 10, FRS 11 and FRS 12)

1 Jan 2013 Jul 2012  Enacted

Accounting for Acquisitions of Interests in Joint Operations (Amendments to FRS 11) 

1 Jan 2016 Jul 2014 Enacted -

FRS 12

BC

 

 

 

Disclosure of Interests in Other Entities 1 Jan 2013 Nov 2011 Enacted -

Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance (Amendments to FRS 10, FRS 11 and FRS 12)

1 Jan 2013 Jul 2012  Enacted 

Investment Entities (Amendments to FRS 10, FRS 12 and FRS 127) 

1 Jan 2014 Feb 2013 Enacted -

Investment Entities: Applying the Consolidation Exception (Amendments to FRS 10, FRS 12 and FRS 128) 

1 Jan 2016 23 Jan 2015 Enacted -

FRS 13

BC

IE

Amendment to BC (Annual Improvements to FRSs 2010-2012 Cycle)

 

 

Fair Value Measurement 1 Jan 2013 Nov 2011 Enacted -

Amendment to FRS 13 (Annual Improvements to FRSs 2011-2013 Cycle) 

 1 Jul 2014  Feb 2014  Enacted  -

FRS 14

BC

IE

Regulatory Deferral Accounts 

1 Jan 2016 Jul 2014 Enacted -

FRS 101

Explanatory

 

Presentation of Financial Statements 1 Jan 2010 Sep 2009 Enacted -
Amendments to FRS 101 [Improvements to FRSs (2010)] 1 Jan 2011 Nov 2010 Enacted -
Presentation of Items of Other Comprehensive Income (Amendments to FRS 101) 1 Jul 2012 Nov 2011 Enacted -

Amendment to FRS 101 [Improvements to FRSs (2012)]

1 Jan 2013 Jul 2012 Enacted -

Disclosure Initiative (Amendments to MFRS 101)

1 Jan 2016 23 Jan 2015 Enacted -

FRS 102

Explanatory

Inventories [Compiled Aug 2010] 1 Jan 2006 Feb 2006 Enacted View

FRS 107

BC

IE

IE*

Statement of Cash Flows [Compiled May 2010] 1 Jul 2007 Jun 2007 Enacted -

Disclosure Initiative (Amendments to FRS 107) 

1 Jan 2017 15 Apr 2016 Enacted -

FRS 108

Explanatory

Accounting Policies, Changes in Accounting Estimates and Errors 1 Jan 2006 Feb 2006 Enacted View
Amendment to FRS 108 [Improvements to FRSs (2009)] 1 Jan 2010 Sep 2009 Enacted -

FRS 110

Explanatory

Events After the Reporting Period [Compiled May 2010] 1 Jan 2006 Feb 2006 Enacted View
FRS 111 Construction Contracts [Compiled Sept 2010] 1 Jul 2007 Jun 2007 Enacted -

FRS 112

BC

IE

Income Taxes [Compiled Feb 2011] 1 Jul 2007 Jun 2007 Enacted -
Deferred Tax: Recovery of Underlying Assets (Amendments to FRS 112) 1 Jan 2012 Nov 2011 Enacted -

Recognition of Deferred Tax Assets for Unrealised Losses (Amendments to FRS 112) 

1 Jan 2017 15 Apr 2016 Enacted -

FRS 116

Explanatory

 

Property, Plant and Equipment [Compiled May 2010] 1 Jan 2006 Feb 2006 Enacted View

Amendment to FRS 116 [Improvements to FRSs (2012)]

1 Jan 2013  Jul 2012  Enacted 

Amendment to FRS 116 (Annual Improvements to FRSs 2010-2012 Cycle) 

1 Jul 2014 Feb 2014   Enacted

Clarification of Acceptable Methods of Depreciation and Amortisation (Amendments to FRS 116 and FRS 138)

1 Jan 2016 Jul 2014 Enacted -

FRS 117

Explanatory

Leases [Compiled Feb 2011] 1 Oct 2006 Feb 2006 Enacted View

FRS 118

Explanatory

Revenue [Compiled May 2010] 1 Jul 2007 Jun 2007 Enacted -

FRS 119 (2011)

BC

IE

Employee Benefits 1 Jan 2013 Nov 2011 Enacted -

Defined Benefit Plans: Employee Contributions (Amendments to FRS 119)

 1 Jul 2014 Feb 2014   Enacted

Amendment to FRS 119 (Annual Improvements to FRSs 2012–2014 Cycle) 

1 Jan 2016 Nov 2014 Enacted -

FRS 120

Explanatory

Accounting for Government Grants and Disclosure of Government Assistance [Compiled August 2011]

1 Jul 2007 Jun 2007 Enacted -

FRS 121

Explanatory

The Effects of Changes in Foreign Exchange Rates [Compiled Sept 2010] 1 Jan 2006 Feb 2006 Enacted View
Amendments to FRS 121 [Improvements to FRSs (2010)] 1 Jan 2011 Nov 2010 Enacted -

FRS 123

Explanatory

Borrowing Costs 1 Jan 2010 May 2009 Enacted -
Amendment to FRS 123 [Improvements to FRSs (2009)] 1 Jan 2010 Sep 2009 Enacted -

FRS 124

Explanatory

 

Related Party Disclosures 1 Jan 2012 Nov 2010 Enacted -

Amendment to FRS 124 (Annual Improvements to FRSs 2010-2012 Cycle) 

 1 Jul 2014 Feb 2014 Enacted 
FRS 126 Accounting and Reporting by Retirement Benefit Plans 1 Jan 2003 Jun 2007 Enacted -

FRS 127 (2011)

BC

Separate Financial Statements 1 Jan 2013 Nov 2011 Enacted -
Investment Entities (Amendments to FRS 10, FRS 12 and FRS 127) 1 Jan 2014 Feb 2013 Enacted -

Equity Method in Separate Financial Statements (Amendments to FRS 127)

1 Jan 2016 Nov 2014 Enacted -

 

FRS 128 (2011)

 

BC

 

 

Investment in Associates and Joint Ventures

1 Jan 2013

Nov 2011

Enacted -

Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to FRS 10 and FRS 128) 

Effective Date of Amendments of FRS 10 and FRS 128

Deferred

Nov 2014

 

 

Dec 2015

Enacted -

Investment Entities: Applying the Consolidation Exception (Amendments to FRS 10, FRS 12 and FRS 128) 

1 Jan 2016 Jan 2015 Enacted -

FRS 129

Explanatory

Financial Reporting in Hyperinflationary Economies 1 Jan 2003 Jun 2007 Enacted -
Amendment to FRS 129 [Improvements to FRSs (2009)] 1 Jan 2010 Sep 2009 Enacted -

FRS 132

Explanatory

 

Financial Instruments: Presentation [Compiled Jan 2011] 1 Jan 2006 Feb 2006 Enacted View

Amendment to FRS 132 [Improvements to FRSs (2012)]

1 Jan 2013  Jul 2012  Enacted  -
Offsetting Financial Assets and Financial Liabilities (Amendments to FRS 132) 1 Jan 2014 Mar 2012 Enacted -

FRS 133

Explanatory

Earnings Per Share [Compiled Sept 2010] 1 Jan 2006 Feb 2006 Enacted View

FRS 134

Explanatory

 

Interim Financial Reporting [Compiled Sept 2010] 1 Jul 2007 Jun 2007 Enacted -
Amendments to FRS 134 [Improvements to FRSs (2010)] 1 Jan 2011 Nov 2010 Enacted -

Amendment to FRS 134 [Improvements to FRSs (2012)]

1 Jan 2013  Jul 2012  Enacted 

Amendment to FRS 134 (Annual Improvements to FRSs 2012–2014 Cycle) 

1 Jan 2016 Nov 2014 Enacted -

FRS 136

Explanatory

Impairment of Assets [Compiled May 2010] 1 Jan 2006 Feb 2006 Enacted View

Recoverable Amount Disclosures for Non-Financial Assets (Amendments to FRS 136)

 1 Jan 2014  Sep 2013  Enacted -

FRS 137

Explanatory

Provisions, Contingent Liabilities and Contingent Assets [Compiled Aug 2010] 1 Jul 2007 Jun 2007 Enacted -

FRS 138

Explanatory

Intangible Assets [Compiled August 2011] 1 Jan 2006 Feb 2006 Enacted -

Amendment to FRS 138 (Annual Improvements to FRSs 2010-2012 Cycle) 

1 Jul 2014 Feb 2014  Enacted 

Clarification of Acceptable Methods of Depreciation and Amortisation (Amendments to FRS 116 and FRS 138)

1 Jan 2016 Jul 2014 Enacted -

FRS 139

Explanatory

Financial Instruments: Recognition and Measurement [compiled Jan 2010] 1 Jan 2010 Feb 2006 Enacted -
Amendments to FRS 139 [Improvements to FRSs (2010)] 1 Jan 2011 Nov 2010 Enacted -

Novation of Derivatives and Continuation of Hedge Accounting (Amendments to FRS 139) 

1 Jan 2014 Sep 2013 Enacted -

FRS 140

Explanatory

Investment Property [Compiled June 2010] 1 Jan 2006 Feb 2006 Enacted -

Amendment to FRS 140 (Annual Improvements to FRSs 2011-2013 Cycle) 

 1 Jul 2014 Feb 2014  Enacted 
IAS 41 Agriculture - Jan 2006 Exposure Draft issued -
FRS 2012004 Property Development Activities 1 Jan 2004 Feb 2006 Enacted -
FRS 2042004 Accounting for Aquaculture 1 Sep 1998 Feb 2006 Enacted -
  Glossary of Terms - - - -

The numbering of the FRSs corresponds to the IFRSs issued by the IASB. For example, FRS 1 in Malaysia is equivalent to IFRS 1. FRS with a 100 prefix corresponds to its equivalent IASs. Thus FRS 101 is equivalent to IAS 1. FRS with a 200 prefix denotes locally developed Standard with no equivalent International Standard.

Hence, FRS 1 = IFRS 1
FRS 101 = IAS 1
FRS 201 = locally developed standard