Regulatory Alerts2019-02-01
Added · Updated
Regulations Governing the Accounting Treatment and Preparation of Financial Reports for Foundations Overseen by the Central Bank of the Republic of China (Taiwan)
Foundations overseen by the Central Bank of the Republic of China (Taiwan) must handle accounting and prepare financial reports in accordance with the Act, these Regulations, and generally accepted accounting principles, specifically the Enterprise Accounting Standards or, optionally, International Financial Reporting Standards. The regulations mandate the establishment of an accounting system, require the use of the calendar year and accrual-based accounting in New Taiwan Dollars, and specify retention periods of five years for accounting documents and ten years for account books and financial reports. Financial reports must present a fair view of financial position and performance, include specific statements and explanatory notes on subsequent events, and be submitted to the Bank for record, with adjustments required if the Bank issues a notice of violation. These Regulations take effect on February 1, 2019.
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