Taiwan

Financial Reporting Framework in Taiwan

Accounting standards in Taiwan are developed by the Accounting Research and Development Foundation (ARDF). English language summaries are available at www.ardf.org.tw. As of January 2008, the following standards have been issued:

Number Title Date issued or last revised

SFAS 1

Conceptual Framework for Financial Accounting and Preparation of Financial Statements

2006.07.20

SFAS 2

Leases

2000.11.23

SFAS 3

Borrowing Costs

2001.01.11

SFAS 5

Long-term Investments under Equity Method

2005.12.22

SFAS 6

Related Party Disclosures

1985.06.15

SFAS 7

Consolidated Financial Statements

2006.11.30

SFAS 8

Accounting Policies, Changes in Accounting Estimates and Errors

2006.07.20

SFAS 9

Contingencies and Subsequent Events

1986.09.15

SFAS 10

Inventories

2007.11.29

SFAS 11

Construction Contracts

1987.07.20

SFAS 12

Accounting for Income Tax Credits

2001.11.08

SFAS 13

Accounting by Debtors and Creditors for Troubled Debt Restructuring

1988.06.01

SFAS 14

The Effects of Changes in Foreign Exchange Rates

2005.09.22

SFAS 15

Disclosure of Accounting Policies

2005.09.22

SFAS 16

Preparation of Financial Forecasts

1989.12.28

SFAS 17

Statement of Cash Flows

2005.09.22

SFAS 18

Accounting for Pensions

2005.09.22

SFAS 19

Development Stage Accounting

2002.03.21

SFAS 20

Segment Reporting

1992.06.25

SFAS 21

Accounting for Convertible Bonds

1993.04.15 Withdrawn 2005

SFAS 22

Income Taxes

2005.09.22

SFAS 23

Interim Financial Reporting

1999.07.29

SFAS 24

Earnings Per Share

2001.11.01

SFAS 25

Business Combinations

2006.11.30

SFAS 26

Accounting for Bonds Issued with Stock Purchase Warrants

1996.03.07 Withdrawn 2005

SFAS 27

Disclosure of Financial Instruments

1997.06.20 Withdrawn 2005

SFAS 28

Disclosures in the Financial Statements of Banks

2005.09.22

SFAS 29

Accounting for Government Grants and Disclosure of Government Assistance

1999.06.24

SFAS 30

Accounting for Treasury Stocks

2006.06.22

SFAS 31

Interests in Joint Ventures

2005.09.22

SFAS 32

Accounting for Revenue Recognition

2005.09.22

SFAS 33

Accounting for Transfers of Financial Assets and Extinguishments of Liabilities

2003.05.22

SFAS 34

Financial Instruments: Recognition and Measurement

2005.09.22

SFAS 35

Impairment of Assets

2006.11.30

SFAS 36

Financial Instruments: Disclosure and Presentation

2005.06.23

SFAS 37

Intangible Assets

2006.07.20

SFAS 38

Non-current Assets Held for Sale and Discontinued Operations

2006.11.30

SFAS 39

Share-based Payment

2007.08.23

SFAS 40

Insurance Contracts

2008.12.04

SFAS 41

Operating Segments

2009.04.09

Taiwanese translations

Deloitte & Touche in Taiwan translates selected issues of our IFRS in Focus Newsletter and its predecessor, our IAS Plus Update Newsletter, into traditional Chinese. Previous newsletters in Chinese are available via the Deloitte Taiwan IFRS website newsletter page.

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  • Jan 31, 2005

  • On 9 December 2004, the Accounting Research and Development Foundation (ARDF) in Taiwan has revised Statement of Financial Accounting Standards No. 7 (SFAS No. 7) Consolidated Financial Statements and SFAS No. 5 Long-Term Investments in Equity Securities. SFAS No. 7, which is based on IAS No. 27 (Consolidated and Separate Financial Statements), must be applied to financial statements for the financial year beginning on or after 1 January 2005, with earlier application permitted.

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  • Oct 31, 2004

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  • Jul 31, 2004

  • In the second quarter of 2004, the Accounting Research and Development Foundation (ARDF) in Taiwan issued an exposure draft of Statement of Financial Accounting Standards No. 35, Accounting for Impairment of Assets.

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  • Jan 31, 2004

  • On 25 December 2003, the Accounting Research and Development Foundation in Taiwan issued Statement of Financial Accounting Standards (SFAS) No. 34, Accounting for Financial Instruments, which will take effect on January 1, 2006.

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  • The current Taiwan GAAP No. 24, Earnings Per Share, is being revised and is expected to be reissued in October 2001. The purpose of the revision is to bring it more in line with IAS 33 and FASB 128.

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  • Jan 01, 2001

  • The Securities and Exchange Commission of the Taiwan Ministry of Finance sets the financial reporting requirements for public companies. The Ministry of Economic Affairs issues accounting regulations for both public and nonpublic companies.

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