Four Taiwanese companies have been selected to pioneer the adoption of International Financial Reporting Standards (IFRS), reports the China Post.
Citing the the Financial Supervisory Commission (FSC), the four companies will prepare their financial statements based on the principle-based IFRS, and the FSC will release the results of their IFRS adoption in the future. Taiwan Stock Exchange (TSE) and GreTai Securities Market (GTSM) have formed special teams providing IFRS counseling service to local businesses, FSC Chairman Chen Yu-chang told the Post.
According to the FSC timetable for IFRS adoption, all public companies and financial institutions under the commission's supervisory, except grass-root credit cooperatives, credit card firms and insurance agents, must adopt the new standards no later than 2013.
The FSC did not name the four companies.
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