Accounting in Taiwan

Overview by Globlatrade.net:

Accounting System

Accounting Standards
Taiwan's accounting principle follows the accounting standards promulgated by the International Accounting Standards Board (IASB).
Accounting Regulation Bodies
Directorate-general of budget, accounting and statistics.
Accounting Law
Consult the website of Accounting research and development foundation in Taiwan.
Difference Between National and International Standards (IAS/IFRS)
The Financial Accounting Standards Committee (FASC) of the Accounting Research and Development Foundation in Taiwan has made much effort to converge with International Financial Reporting Standards (IFRSs) since 1999. Although most of the IFRSs have been incorporated into Taiwanese standards, there are still some important standards that need to be issued and revised in the near future in order to fully converge with IFRSs. See the comparison between IFRS and Taiwanese GAAP on Accounting research and development foundation in Taiwan.
Accounting News
Accounting research and development foundation in Taiwan.
 

Accounting Practices

Tax Year
The fiscal year begins on January 1st and ends on December 31st of the same year.
Accounting Reports
The Financial Accounting Standards Committee has been deliberating on the revised draft since May 22, 2008. The revised Statement which is equivalent to IFRS 8 is expected to be finished in 2009.
Consult the website of Accounting research and development foundation in Taiwan.
Publication Requirements
Each company has to produce a balance sheet and a profit and loss account for each accounting year.
 

Accountancy Profession

Accountants
Access the accounting association of Taiwain and the Accounting Research and Development Foundation (ARDF).
Professional Accountancy Bodies
The Department of Accounting
Member of the International Federation of Accountants (IFAC)
Taiwan is a member of the International Federation of Accountants (IFAC).
Member of Other Federation of Accountants
None
Audit Bodies
A Taiwan company with paid-in capital equal to or exceeding NTD 30 million must have a statutory audit financial statement. For more information, you can contact the Accounting research and development foundation in Taiwan.

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