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Update on accounting standards in Taiwan

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30 Jul 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.

This proposed statement would provide accounting standards for recognising an impairment loss, specify when an entity should reverse an impairment loss, and prescribe certain disclosures. SFAS No. 35, which is in line with IAS No. 36 Impairment of Assets, would apply to accounting periods beginning on or after 31 December 2005, with earlier application permitted.

The ARDF invited comments on SFAS No. 35, and the deadline for comments was 11 June 2004.

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