Progress toward IFRSs in Taiwan

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26 Mar 2009

In our previous news story, we reported that the Taiwan Financial Supervisory Commission (FSC) announced that it would form a task force to study the adoption of IFRSs in Taiwan.

Adoption details such as the timetable and the scope of applicability would be discussed and recommended by the task force. Since making that announcement the FSC has formed four task forces, dealing separately with:
  1. Translation of IFRSs
  2. IFRS implementation issues
  3. Regulation and governance issues
  4. IFRS promotion and training
Translation pre-work is now under way under the auspices of the standard-setter Accounting Research and Development Foundation. The Taiwan Stock Exchange (TSE) has taken the lead in IFRS implementation issues and has posted a large amount of IFRS-related information on its Website, though only in Chinese. GreTai Securities Market (Taiwan's over-the-counter market) is leading IFRS promotion and training. Jointly, the TSE and GreTai are sponsoring a series of seminars to promote the implementation of IFRSs. A decision on when IFRSs might be made mandatory has not yet been made, though it is expected to be around 2012 to 2014. The FSC is expect to announce a roadmap fairly soon.

Click for our 29 October 2008 news story.

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