Update on accounting standards in Taiwan
31 Jan 2003
The Accounting Research and Development Foundation (ARDF) of Taiwan has revised SFAS 1, The Framework of Financial Accounting Concepts and Financial Report Preparation, in the fourth quarter of 2002.
The revised standard is effective for accounting periods ending on or after 31 December 2003. In an effort to harmonise Taiwan Accounting Standards with International Financial Reporting Standards, this revision is based on the IASC Framework and intended to serve as a guide to ARDF in developing accounting standards and as a guide to resolve accounting issues that are not addressed directly in the Statements of Financial Accounting Standards in Taiwan.
