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Taiwan’s Financial Reporting Requirements Converge with International Standards

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Taipei, Taiwan - In a bid to strengthen financial reporting and increase transparency, Taiwan’s financial regulatory bodies have announced plans to converge with international financial reporting standards (IFRS).

Roadmap for IFRS Adoption in Taiwan

According to the roadmap for IFRS adoption in Taiwan, listed companies and financial institutions will be required to prepare IFRS financial statements starting from 2013. Unlisted public companies, credit cooperatives, and credit card companies will follow suit in 2015.

Goals of Convergence

The move is aimed at increasing the degree of internationalization of Taiwan’s financial markets and improving the transparency of financial reporting. It is also expected to enhance investor confidence and attract more foreign investment into the country.

Measures to Strengthen Financial Sector

To achieve this goal, Taiwan has implemented a range of measures to strengthen its financial sector. These include:

  • Implementing Basel II
  • Developing the fixed income market
  • Allowing foreign investors to engage in non-hedge futures trading and trade via omnibus accounts

Improving Corporate Governance

The country has also taken steps to improve corporate governance, including:

  • Introducing requirements for independent directors and audit committees
  • Implementing a Corporate Governance Assessment System

Strengthening Market Transparency

In addition, Taiwan has strengthened its market transparency by establishing a Market Observation Post System, which provides real-time information on market transactions. The country is also working to harmonize its accounting standards with international standards.

Progress in Financial Sector

According to the latest data, Taiwan’s financial sector has made significant progress in recent years. The country’s banking sector has seen a marked improvement in asset quality and profitability, while its insurance industry has achieved high levels of penetration and density.

Promoting Foreign Investment

The Taiwanese government has also taken steps to promote foreign investment in the financial sector, including relaxing restrictions on foreign ownership and introducing measures to attract more foreign investors.

Conclusion

Overall, Taiwan’s efforts to converge with international financial reporting standards are expected to have a positive impact on the country’s financial sector and economy.