|Extent of IFRS application||Status||Additional Information|
|IFRS Standards are required for domestic public companies||Domestic companies have a choice of using (a) IFRS Standards as endorsed by the Financial Supervisory Commission (FSC) or (b) with approval of the FSC, IFRS Standards as issued by the IASB. IFRS Standards as endorsed by the FSC differ from IFRS Standards as issued by the IASB Board because some options have been eliminated and the mandatory effective dates of some standards have been deferred beyond the effective dates adopted by the IASB.|
|IFRS Standards are permitted but not required for domestic public companies|
|IFRS Standards are required or permitted for listings by foreign companies||Permitted. Foreign companies may use IFRS Standards as endorsed by the FSC, full-IFRS Standards, or US GAAP.|
|The IFRS for SMEs Standard is required or permitted||No. SMEs may choose IFRS Standards as endorsed by the FSC or local accounting standards.|
|The IFRS for SMEs Standard is under consideration||No.|
The ARDF is an endorsement body regarding standard-setting in Chinese Taipei. All standards (including IFRS Standards and IAS Standards) and related interpretations are translated into traditional Chinese by ARDF and are ratified by the Financial Supervisory Commission (FSC), a government agency.
Chinese Taipei has adopted IFRS Standards for all or some companies.
The Financial Supervisory Commission (FSC) announced an IFRS adoption roadmap on 14 May 2009. The roadmap established a two-phased mandatory adoption of IFRS Standards and early adoption of IFRS Standards:
This plan may be found on the ARDF website.
IFRS Standards as endorsed by the FSC (or, with approval of the FSC, IFRS as issued by the IASB) are required starting in 2013 (permitted in 2012) for all financial institutions except credit cooperatives, credit card companies, and insurance intermediaries, including those whose securities do not trade in a public market.
IFRS Standards as endorsed by the FSC (or, with approval of the FSC, IFRS Standards as issued by the IASB) are required starting in 2015 (permitted starting in 2013) for unlisted public companies, credit cooperatives, credit card companies, and insurance intermediaries.
Also, from 2013, unlisted subsidiaries of foreign companies are permitted to use IFRS Standards.
On 27 July 2012, the Financial Supervisory Commission (FSC) issued a notification requiring companies whose securities are publicly traded to prepare IFRS financial statements that comply with the traditional Chinese translation of IFRS Standards, IAS Standards, International Financial Reporting Interpretations Committee Interpretations (IFRIC Interpretations), and Standing Interpretations Committee Interpretations (SICs) as endorsed by the FSC.
The FSC expects to endorse all IFRS Standards as issued by the IASB Board, but there may be a time lag in completing the translation into traditional Chinese and the endorsement process. The current circumstance is described below.
The options to revalue property, plant and equipment (IAS 16, Property, Plant and Equipment), intangible assets (IAS 38 Intangible Assets), and exploration and evaluation assets (IFRS 6 Exploration for and Evaluation of Mineral Resources) through other comprehensive income have been eliminated.
Further, some conditions are imposed on using the deemed cost exemption described in IFRS 1 First-time Adoption of International Financial Standards.
The effective dates of the following new/modified standards were deferred to 1 January 2015: IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, IFRS 12 Disclosure of Interests in Other Entities, IAS 27 Separate Financial Statements, IAS 28 Investments in Associates, and IFRS 13 Fair Value Measurements.
Yes, IFRS Standards are translated into traditional Chinese, the local language in Chinese Taipei.
The translation of IFRS Standards into traditional Chinese is done by the ARDF’s Special Review Committee (SRC) of IFRS experts in Chinese Taipei. The SRC operates under procedures agreed with the IFRS Foundation. The chairman of the SRC serves as coordinator of the translation project. The SRC is responsible both for the translation of the complete set of IFRS Standards into traditional Chinese for initial adoption of IFRS Standards in 2013 and also for subsequent translations of new and amended IFRS Standards.
The SRC started its work to translate the initial set of IFRS Standards by determining the translation of key terms in IFRS Standards. Then an initial translation of the text of the IFRS Standards was prepared by the technical staff of ARDF. The translation was done in accordance with the pre-determined key terms to ensure consistency in translation from standard to standard.
The SRC reviewed the ARDF staff translation drafts and proposed revisions. A revised draft of each IFRS Standard was then prepared and reviewed by the SRC. Following those reviews, the SRC agreed on a final translation that was released to the public.
When a new or amended IFRS Standard is issued by the IASB, the translators from the technical staff of ARDF prepare an initial draft the traditional Chinese translation that goes through a process similar to the one described above. Translations are completed before the effective dates of the new or amended IFRS Standard.
The translations may be found on the Securities and Futures Bureau website.
The non-public companies in Chinese Taipei are subject to the administration of Ministry of Economic Affairs. The Ministry of Economic Affairs has announced that the non-public companies in Chinese Taipei can chose to apply IFRS as endorsed by the FSC or the local accounting standards developed by the ADRF from 1 January 2016.