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The Financial Supervisory Commission reminds TWSE- and TPEx-listed companies should enhance the ability of preparing financial reports to respond to the timeline for publishing unaudited financial information set out in the “Corporate Governance 3.0 -Sustainable Development Roadmap” in a timely manner

Taiwan has adopted IFRS Standards since 2013. While IFRSs are more principle-based, which require the extensive exercise of professional judgement, the quality of financial reports is obviously more important. In view of the fact that the management is responsible for preparing financial reports, the Financial Supervisory Commission (hereinafter referred to as "FSC") has been continuously implementing related measures to help companies improve the quality of preparing financial reports. Moreover, considering that the public repeatedly ask for shortening the deadlines for filing annual reports, the FSC then takes further actions to increase the timeliness of financial information. 

I.    Strengthen the ability of preparing financial reports: Starting from 2019 annual reports, the Taiwan Stock Exchange (TWSE) and the Taipei Exchange(TPEx) will examine how companies prepare the financial statements in five years so as to assist companies in refining the design and operations of the management of the procedures for preparing financial statements.
II.    Enhance the timeliness of financial information: The FSC issued the “Corporate Governance 3.0 -Sustainable Development Roadmap” in September 2020, promoting listed companies to publish unaudited annual information within 75 days after the end of the fiscal year (Listed companies with paid-in capital of NTD10 billion or more shall publish the 2021 information starting from 2022, listed companies with paid-in capital of NTD2 billion or more but less than NTD10 billion shall publish 2022 information starting from 2023, and remaining listed companies shall publish 2023 information starting from 2024).
To promote the above-mentioned policies, the Taiwan Stock Exchange (TWSE), Taipei Exchange(TPEx), Taiwan Futures Exchange(TAIFEX) and Taiwan Depository & Clearing Corporation(TDCC) have jointly held 4 IFRSs Seminars during December 3rd to 21st , 2020 in Hsinchu, Taichung, Kaohsiung, and Taipei respectively,inviting CPAs to share the best practice for preparing financial statements. The FSC also reminded listed companies should take the timeline for publishing unaudited financial information set out in the “Corporate Governance 3.0” into consideration when setting the remediation plan. And the audit committee should proactively oversee the companies to execute the plan thoroughly . The relevant documents and videos of previous seminars have uploaded on ‘’Taiwan Stock Exchange webpage for IFRSs’’ for reference.

Accounting and Auditing Supervision Division, Securities and Futures Bureau 
Contact Tel. (02)2774-7343 Yi-Ju Chung, Section Chief
Please send your inquiry to “Contact Us”.
 
Visitor: 484   Update: 2021-01-25