This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Update on accounting standards in Taiwan

  • Taiwan Image

30 Oct 2004

On 1 July 2004, the Accounting Research and Development Foundation (ARDF) in Taiwan issued a new standard, Statement of Financial Accounting Standards No. 35 Accounting for Impairment of Assets.

The objective of this statement is to prescribe the procedures that an entity applies to ensure that its assets are carried at no more than their recoverable amount. SFAS No. 35, which is in line with International Accounting Standard No. 36 Impairment of Assets, should be applied to financial statements for the fiscal year beginning on or after 1 January 2005, with earlier application permitted.

The ARDF has also issued an exposure draft of the proposed revision of SFAS No. 7 Consolidated Financial Statements. This revision, which is based on IAS No. 27 Consolidated and Separate Financial Statements, should be applied to accounting periods beginning on or after 1 January 2005, with earlier application permitted. If an entity applies this standard to a period beginning before 1 January 2005, it should disclose this fact. The ARDF invited comments on SFAS No. 7, and the deadline for comments was 15 October 2004.

Related Topics

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.