Financial Reporting Standards (FRS)

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RECOMMENDED PRACTICE GUIDE 7 (REVISED)

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

First-time Adoption of Financial Reporting Standards
[Superseded with effective from 1 July 2010 by FRS 1 issued in January 2010]
1 Jan 2006 Feb 2006 Enacted

 

Amendments to FRS 1 First-time Adoption of Financial Reporting Standards and FRS 127 Consolidated and Separate Financial Statements: Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate 1 Jan 2010 May 2009 Enacted

 

First-time Adoption of Financial Reporting Standards [Compiled Jan 2011] 1 July 2010 Jan 2010 Enacted

 

Limited Exemption from Comparative FRS 7 Disclosures for First-time Adopters (Amendment to FRS 1) 1 Jan 2011 Mar 2010 Enacted

 

Additional Exemptions for First-time Adopters (Amendments to FRS 1) 1 Jan 2011 July 2010 Enacted

 

Amendments to FRS 1 [Improvements to FRSs (2010)]
1 Jan 2011 Nov 2010 Enacted

 

Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters (Amendments to FRS 1) 1 Jan 2012 Nov 2011 Enacted

 

 

FRS 2

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

 

Amendments to FRS2 Share-based Payment Vesting Conditions and Cancellations 1 Jan 2010 May 2009 Enacted  

Amendments to FRS 2


[Consequential amendments arising from FRS 3 Business Combinations (as revised in 2010)]
1 July 2010 Jan 2010 Enacted  
Group Cash-settled Share-based Payment Transactions (Amendments to FRS 2) 1 Jan 2011 July 2010 Enacted  
 

FRS 3

Business Combinations

[Superseded with effective from 1 July 2010 by FRS 3 issued in January 2010]
1 Jan 2006 Feb 2006 Enacted Contact us for more information
Business Combinations [Compiled Apr 2011] 1 July 2010 Jan 2010 Enacted  
Amendments to FRS 3 [Improvements to FRSs (2010)] 1 Jan 2011 Nov 2010 Enacted  
 

FRS 4

Insurance Contracts 1 Jan 2010 Nov 2008 Enacted  
 

FRS 5

Non-current Assets Held for Sale and Discontinued Operations 1 Jan 2006 Feb 2006 Enacted Contact us for more information
Amendment to FRS5 [Improvements to FRSs (2009)] 1 Jan 2010 Sept 2009 Enacted  
Amendments to FRS5
[Consequential amendments arising from FRS 1 (revised 2010), FRS 127 (amended 2010) and IC Interpretation 17 issued in January 2010.]
1 July 2010 Jan 2010 Enacted  
 

FRS 6

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

FRS 7

Financial Instruments: Disclosures 1 Jan 2010 Nov 2008 Enacted  
Amendments to FRS 7 Financial Instruments: Disclosures [Compilation] 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  
 

FRS 8

Operating Segments 1 July 2009 Nov 2008 Enacted  
Amendment to FRS8 [Improvements to FRSs (2009)] 1 Jan 2010 Sept 2009 Enacted  
 

FRS 9
(IFRS 9 (2009))

Financial Instruments (IFRS 9 issued by IASB in November 2009) 1 Jan 2013 Nov 2011 Enacted  

FRS 9
(IFRS 9 (2010))

Financial Instruments (IFRS 9 issued by IASB in October 2010) 1 Jan 2013 Nov 2011 Enacted  
 

FRS 10

Consolidated Financial Statements 1 Jan 2013 Nov 2011 Enacted  
 

FRS 11

Joint Arrangements 1 Jan 2013 Nov 2011 Enacted  
 

FRS 12

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

FRS 13

Fair Value Measurement 1 Jan 2013 Nov 2011 Enacted  
 

FRS 101

Presentation of Financial Statements 1 Jan 2010 Sept 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 July 2012 Nov 2011 Enacted  
 

FRS 102

Inventories [Compiled Aug 2010] 1 Jan 2006 Feb 2006 Enacted Contact us for more information
 

FRS 107

Statement of Cash Flows [Compiled May 2010] 1 July 2007 Jun 2007 Enacted  
Amendment to FRS 107 [Improvements to FRSs (2009)] 1 Jan 2010 Sept 2009 Enacted  
 

FRS 108

Accounting Policies, Changes in Accounting Estimates and Errors 1 Jan 2006 Feb 2006 Enacted Contact us for more information
Amendment to FRS 108 [Improvements to FRSs (2009)] 1 Jan 2010 Sept 2009 Enacted  
 

FRS 110

Events After the Reporting Period [Compiled May 2010] 1 Jan 2006 Feb 2006 Enacted Contact us for more information
Amendment to FRS 110 [Improvements to FRSs (2009)] 1 Jan 2010 Sept 2009 Enacted  
 

FRS 111

Construction Contracts [Compiled Sept 2010] 1 July 2007 Jun 2007 Enacted  
 

FRS 112

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

FRS 116

Property, Plant and Equipment [Compiled May 2010] 1 Jan 2006 Feb 2006 Enacted Contact us for more information
Amendment to FRS 116 [Improvements to FRSs (2009)] 1 Jan 2010 Sept 2009 Enacted  
 

FRS 117

Leases [Compiled Feb 2011] 1 Oct 2006 Feb 2006 Enacted Contact us for more information
Amendment to FRS 117 [Improvements to FRSs (2009)] 1 Jan 2010 Sept 2009 Enacted  
 

FRS 118

Revenue [Compiled May 2010] 1 July 2007 Jun 2007 Enacted  
Amendment to FRS 118 [Improvements to FRSs (2009)] 1 Jan 2010 Sept 2009 Enacted  
 

FRS 119

Employee Benefits [Compiled Feb 2011] [Will be superseded by FRS 119 issued in November 2011 with effective from 1 January 2013] 1 Jan 2003 Jun 2007 Enacted  
Amendment to FRS 119 [Improvements to FRSs (2009)] 1 Jan 2010 Sept 2009 Enacted  
 

FRS 119 (2011)

Employee Benefits 1 Jan 2013 Nov 2011 Enacted  
 

FRS 120

 

Accounting for Government Grants and Disclosure of Government Assistance [Compiled August 2011] 1 July 2007 Jun 2007 Enacted  
Amendment to FRS 120 [Improvements to FRSs (2009)] 1 Jan 2010 Nov 2010 Enacted  
 

FRS 121

 

 

The Effects of Changes in Foreign Exchange Rates [Compiled Sept 2010] 1 Jan 2006 Feb 2006 Enacted Contact us for more information
Amendment to Financial Reporting Standard FRS 121 The Effects of Changes in Foreign Exchange Rates - Net Investment in a Foreign Operation 1 July 2007 Feb 2007 Enacted  
Amendments to FRS 121 [Improvements to FRSs (2010)] 1 Jan 2011 Nov 2010 Enacted  
 

FRS 123

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

FRS 124

Related Party Disclosures
[Will be superseded with effective from 1 Jan 2012 by FRS 124 issued in November 2010]
1 Oct 2006 Feb 2006 Enacted Contact us for more information
Related Party Disclosures 1 Jan 2012 Nov 2010 Enacted  
 

FRS 126

Accounting and Reporting by Retirement Benefit Plans 1 Jan 2003 Jun 2007 Enacted  
 

FRS 127

Consolidated and Separate Financial Statements

[Superseded with effective from 1 July 2010 by FRS 127 issued in January 2010]
1 Jan 2006 Feb 2006 Enacted Contact us for more information
Amendments to FRS 1 First-time Adoption of Financial Reporting Standards and FRS 127 Consolidated and Separate Financial Statements: Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate 1 Jan 2010 May 2009 Enacted  
Amendment to FRS 127 [Improvements to FRSs (2009)] 1 Jan 2010 Sept 2009 Enacted  
Consolidated and Separate Financial Statements [Compiled Jan 2011] [Will be superseded by FRS 127 Separate Financial Statements with effective from 1 January 2013] 1 July 2010 Jan 2010 Enacted  
 

FRS 127 (2011)

Separate Financial Statements 1 Jan 2013 Nov 2011 Enacted  
 

FRS 128

Investments in Associates [Compiled Sept 2010] [Will be superseded by FRS 128 Investment in Associates and Joint Ventures with effective from 1 January 2013] 1 Jan 2006 Feb 2006 Enacted Contact us for more information
Amendment to FRS 128 [Improvements to FRSs (2009)] 1 Jan 2010 Sept 2009 Enacted  
Amendments to FRS 128 [Improvements to FRSs (2010)] 1 Jan 2011 Nov 2010 Enacted  
 

FRS 128 (2011)

Investment in Associates and Joint Ventures 1 Jan 2013 Nov 2011 Enacted  
 

FRS 129

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

FRS 131

Interests in Joint Ventures [Compiled Sept 2010] [Will be superseded by FRS 11& FRS 128(2011) issued in November 2011 with effective from 1 January 2013] 1 Jan 2006 Feb 2006 Enacted Contact us for more information
Amendment to FRS 131 [Improvements to FRSs (2009)] 1 Jan 2010 Sept 2009 Enacted  
Amendments to FRS 131 [Improvements to FRSs (2010)] 1 Jan 2011 Nov 2010 Enacted  
 

FRS 132

Financial Instruments: Presentation [Compiled Jan 2011] 1 Jan 2006 Feb 2006 Enacted Contact us for more information
Amendments to FRS 132 Financial Instruments: Presentation [Compilation]
[Contains amendments from:
  • Puttable Financial Instruments and Obligations Arising on Liquidation (Amendments to FRS 132 and FRS 101)
  • Consequential amendments arising from FRS 101 (as revised in 2009)
Consequential amendments arising from Improvements to FRSs (2009) – Amendments to FRS 128 and FRS 131]
1 Jan 2010 Sept 2009 Enacted  
Amendments to FRS 132 Financial Instruments: Presentation
[Classification of Rights Issues]
1 Jan 2010/ 1 Mar 2010 Mar 2010 Enacted  
Amendments to FRS 132 [Improvements to FRSs (2010)] 1 Jan 2011 Nov 2010 Enacted  
 

FRS 133

Earnings Per Share [Compiled Sept 2010] 1 Jan 2006 Feb 2006 Enacted Contact us for more information
 

FRS 134

Interim Financial Reporting [Compiled Sept 2010] 1 July 2007 Jun 2007 Enacted  
Amendment to FRS 134 [Improvements to FRSs (2009)] 1 Jan 2010 Sept 2009 Enacted  
Amendments to FRS 134 [Improvements to FRSs (2010)] 1 Jan 2011 Nov 2010 Enacted  
 

FRS 136

Impairment of Assets [Compiled May 2010] 1 Jan 2006 Feb 2006 Enacted  
Amendment to FRS 136 [Improvements to FRSs (2009)] 1 Jan 2010 Sept 2009 Enacted  
 

FRS 137

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

FRS 138

Intangible Assets [Compiled August 2011] 1 Jan 2006 Feb 2006 Enacted  
Amendment to FRS 138 [Improvements to FRSs (2009)] 1 Jan 2010 Sept 2009 Enacted  
Amendments to FRS 138
[Consequential amendments arising from FRS 3 (as revised in 2010)]
1 July 2010 Jan 2010 Enacted  
 

FRS 139

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  
 

FRS 140

Investment Property [Compiled June 2010] 1 Jan 2006 Feb 2006 Enacted  
Amendment to FRS 140 [Improvements to FRSs (2009)] 1 Jan 2010 Sept 2009 Enacted  
 

IAS 41

Agriculture   Jan 2006 Exposure Draft issued  
 
FRS2012004 Property Development Activities 1 Jan 2004 Feb 2006 Enacted  
  Accounting for Aquaculture 1 Sept 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

[Extracted from the Malaysian Accounting Standards Board (MASB)]