Financial Reporting Standards (FRS)
CKT & CO. - We provide Ideas & Solutions to Your Business Needs & Requirements.
Other Resources |
|
| Audit - Schedule of Fees |  |
| Company Secretary - Schedule of Fees | |
| Taxation - Double Deductions | |
| Taxation - Capital Allowances | |
| Taxation - Personal Reliefs | |
| Taxation - Tax Rates | |
| Taxation - Public Rulings | |
| Taxation -Advance Rulings | |
| Links to Professional & Statutory Bodies | |
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First-time Adoption of Financial Reporting Standards [Superseded with effective from 1 July 2010 by FRS 1 issued in January 2010] |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 | ||
|
[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Business Combinations [Superseded with effective from 1 July 2010 by FRS 3 issued in January 2010] |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 |
Financial Instruments (IFRS 9 issued by IASB in November 2009) | 1 Jan 2013 | Nov 2011 | Enacted | |
FRS 9 |
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:
|
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 |
[Extracted from the Malaysian Accounting Standards Board (MASB)]