Update on accounting standards in Taiwan

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31 Jan 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.

SFAS No. 34 defines the standards for recognising and measuring financial instruments and disclosing related information in the financial statements. Those standards are in line with IAS 39 as well as a small portion of the proposed amendments to IAS 32 and 39. When those proposed amendments to IAS 32 and 39 are revised and approved, SFAS No. 34 will be changed accordingly.

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