In order to enhance the comparability of financial statements between domestic and foreign enterprises, reduce accounting conversion cost, enhance competitiveness of our capital market, attract foreign capital, as well as reducing the overseas funding costs of domestic enterprises, the Financial Supervisory Commission (FSC) has been actively launching the adoption of IFRSs for the preparation of financial reports. The R.O.C. (Taiwan) has fully adopted IFRSs since 2015. Furthermore, we have synchronized our accounting standards with newly released IFRS 9 ‘’Financial Instruments’’ and IFRS 15 ‘’Revenue from Contracts with Customers’’ on January 1st, 2018, and IFRS 16 ‘’Leases’’ on January 1st, 2019 to enhance the quality and transparency of financial reports. This is a huge milestone in the development of our capital markets towards internationalization.
The IFRSs kick-off ceremony
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Visitor： 411 Update： 2019-11-14