| Legislative： |
Order of the Financial Supervisory Commission
Issue date: 29 July 2019
Issue no: Financial-Supervisory-Securities-Auditing-1080323028 |
| Content： |
1. The International Financial Reporting Standards, International Accounting Standards, and Interpretations developed by the International Financial Reporting Interpretations Committee or the former Standing Interpretations Committee (collectively, "IFRSs") as endorsed by the Financial Supervisory Commission (FSC) under Article 3, paragraph 2 of the Regulations Governing the Preparation of Financial Reports by Securities Issuers, Article 2, paragraph 2 of the Regulations Governing the Preparation of Financial Reports by Securities Firms, and Article 2, paragraph 2 of the Regulations Governing the Preparation of Financial Reports by Futures Commission Merchants means the IFRS applicable for each respective year as publicly announced on the "IFRSs Download Section" of the FSC Securities and Futures Bureau website <URL: http://163.29.17.154/ifrs/index.cfm>, except as provided in Point 2 herein.
2. A public company (excluding subsidiaries or investee companies thereof) that has already issued, or has already filed with the FSC for registration to issue, overseas depositary receipts, may adopt all effective IFRSs published by the International Accounting Standards Board, and in that case it shall furthermore comply with the following provisions:
A. In relevant accounting treatment, it shall give priority of application to the Regulations Governing the Preparation of Financial Reports by Securities Issuers, and once it has adopted the effective IFRSs published by the International Accounting Standards Board, it may not then revert and choose the version of the IFRSs referred to in the preceding point herein.
B. Before adopting the effective IFRSs published by the International Accounting Standards Board, it shall have a resolution to do so passed by the board of directors, and shall publicly announce and report the adoption of those effective IFRSs on the reporting website designated by the FSC.
C. A public company that has adopted the effective IFRSs published by the International Accounting Standards Board shall, in the notes to its financial report for each period, state the version adopted, and any material differences between the accounting policies under the effective IFRSs published by the International Accounting Standards Board and those under the IFRSs applicable for that accounting year as announced by the FSC.
3. This Order is effective from 1 January 2020 . FSC Order No. Financial-Supervisory-Auditing-1070324857 issued on 17 July 2018 is repealed from 1 January 2020.
Originals: To be posted on the public notice boards of the FSC and the Securities and Futures Bureau of the FSC
Copies: Legal Affairs Committee, Executive Yuan; FSC (Department of Legal Affairs, Department of Information Management); FSC Financial Examination Bureau; FSC Banking Bureau; FSC Insurance Bureau; Taiwan Stock Exchange Corporation; Taipei Exchange; Taiwan Depository & Clearing Corporation; Taiwan Futures Exchange Corporation; Securities & Futures Institute; Chinese National Futures Association; Taiwan Securities Association; National Federation of CPA Associations of the R.O.C., Accounting Research and Development Foundation; Taiwan Stock Affairs Association; Lex Data Information Inc.; Root International Information Co., Ltd.
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