[Finance] Taiwan financial reporting standards will converge to IFRS

In addition, Taiwan's financial reporting standards will gradually converge to the International Financial Reporting Standards (IFRS), which are principle-based. Such convergence requires no exception, least regulations and professional judgments.

Conformity to international standards will increase the transparency in financial reporting, reduce capital fund costs, and save costs for redoing financial reports. The Financial Supervisory Commission (FSC) announced that Taiwan's financial reporting standards will fully converge to IFRS by 2010. It is expected that by 2011, a total number of 150 countries will fully adopt IFRS. Moreover, compared to mainland China and Hong Kong stock markets, Taiwan has higher quality research professionals and higher level of protection for intellectual property rights, and is more reliable than Hong Kong in the evaluation of technology companies.