Clause 5

by inserting, immediately after the words “FRS 11 construction or upgrade services” in subsection (1B), the words “, or FRS 115 construction or upgrade services,”;

by inserting, immediately after the words “FRS 11 construction or upgrade services” in subsections (1C)(a) and (1D)(a), the words “or FRS 115 construction or upgrade services (as the case may be)”; and

by deleting the definitions of “FRS 11”, “FRS 17”, “INT FRS 104” and “INT FRS 112” in subsection (2) and substituting the following definitions:“ “FRS 115 construction or upgrade services” means any construction or upgrade services (as the case may be) to which FRS 115 applies;“FRS 11”, “FRS 17”, “FRS 115”, “INT FRS 104” and “INT FRS 112” mean the financial reporting standards issued by the Accounting Standards Council under the Accounting Standards Act (Cap. 2B) and known, respectively, as —

Financial Reporting Standard 11 (Construction Contracts);

Financial Reporting Standard 17 (Leases);

Financial Reporting Standard 115 (Revenue from Contracts with Customers);

Interpretation of Financial Reporting Standard 104 (Determining whether an arrangement contains a lease); and

Interpretation of Financial Reporting Standard 112 (Service Concession Arrangements).”.