Chinese Taipei

The ARDF is the standard-setter for accounting, auditing and valuation in Chinese Taipei. All IFRS Accounting Standards and related IFRIC® Interpretations (Interpretations) are translated into traditional Chinese by the ARDF and reviewed by its Taiwan Financial Reporting Committee, then endorsed by the Financial Supervisory Commission (FSC), a government agency.

Chinese Taipei has adopted IFRS Accounting Standards for all or some companies.

Chinese Taipei has adopted an endorsement approach since 2017 so that newly issued IFRS Accounting Standards will be endorsed by the FSC on a Standard-by-Standard basis. They will then be applicable to the preparation of financial statements for all public companies.

Please see the FSC website: I.Roadmap toward IFRSs Adoption in Taiwan- Securities and Futures Bureau, Financial Supervisory Commission, R.O.C. (sfb.gov.tw)

IFRS Accounting Standards as endorsed by the FSC. (Or, with the approval of the FSC, IFRS Accounting Standards as issued by the IASB.)

IFRS Accounting Standards as endorsed by the FSC differ from IFRS Accounting Standards as issued by the IASB because some options have been eliminated and the mandatory effective date of IFRS 17 has been deferred beyond the effective date adopted by the IASB.

According to paragraph 2 of article 3 of the Regulations Governing the Preparation of Financial Reports by Securities Issuers, the GAAP described in the regulations means IFRS Standards, IAS Standards, IFRIC Interpretations, and Standing Interpretations Committee Interpretations (SIC® Interpretations) as endorsed by the FSC.

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 Reporting Standards.

The effective date of IFRS 17 was deferred to 1 January 2026.

Yes, IFRS Accounting Standards are translated into traditional Chinese, the local language in Chinese Taipei.

The translation of IFRS Accounting Standards into traditional Chinese is done by the ARDF and reviewed by its Taiwan Financial Reporting Committee (TFRC), which is constituted by IFRS Accounting Standards experts in Chinese Taipei. The TFRC operates under procedures agreed with the IFRS Foundation. The chairman of the TFRC serves as coordinator of the translation project. The TFRC is responsible for the translation of the complete set of IFRS Accounting Standards into traditional Chinese.

The TFRC translated the key terms in IFRS Accounting Standards. Then a translation of the text of the IFRS Accounting Standards as a whole was prepared by the technical staff of the ARDF. To ensure consistency, that translation was done in accordance with the predetermined translation of the key terms.

The TFRC reviewed the ARDF staff’s draft translations and proposed revisions. A revised draft of each IFRS Accounting Standard was then prepared and reviewed by the TFRC. Following those reviews, the TFRC agreed on a final translation that was released for public consultation.

When a new or amended IFRS Accounting Standard is issued by the IASB, the translators from the technical staff of the ARDF prepare an initial draft of 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 Accounting Standard.

The translations, after they have been endorsed by the FSC, will be published on the Securities and Futures Bureau website.