Amendments of the Regulations Governing Preparation of Financial and Operational Reports by Insurance Enterprises
2017-08-23
As Taiwan will adopt International Financial Reporting Standard 9 “Financial Instruments (“IFRS 9”) along with the international community in 2018, the FSC introduced the amendments to some articles of the above Regulations on August 23, 2017. Key points of the amendments are as follows: 1.Accounting item changes for IFRS 9 and related statements: (1) Two new asset items, namely financial assets at fair value through other comprehensive income and financial assets measured at amortized cost, are added, while four IAS 39 items, including available-for-sale financial assets, financial assets (liabilities) measured at cost, debt instrument investments for which no active market exists and held-to-maturity financial assets , are removed. Moreover, requirements are also set for disclosure of financial instrument information in the notes of financial report. (2) According to IFRS 4 “Insurance Contracts”, insurance companies may choose the overlay approach for their adoption of IFRS 4 and those choosing such approach shall disclose related information according to the standard. 2. Schedules/statements related to the accounting items and the list of important accounting items are adjusted
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2017-10-02