Update on accounting standards in Taiwan
29 Apr 2005
On 30 December 2004, the Accounting Research and Development Foundation (ARDF) in Taiwan revised Statement of Financial Accounting Standards (SFAS) No. 1, The Framework of Financial Accounting Concepts and Financial Report Preparation, to make it consistent with SFAS No. 34, Accounting for Financial Instruments.
SFAS No. 34 applies to accounting periods beginning on or after 1 January 2006, and earlier application is not permitted.
The ARDF is now framing SFAS No.36, Presentation and Disclosure of Financial Instruments. This standard, which is in line with IAS No. 32, Financial Instruments: Disclosure and Presentation, specifies the standards for presenting and disclosing of financial instruments. Similar to SFAS No. 34, SFAS No. 36 should be adopted at the start of 2006, and earlier application is not permitted.
