Nowadays, accounting standards available and employed in the world can be categorized in three difference sources: first of all, International
Accounting Standards (IAS)/International Financial Reporting Standards(IFRS) issued by International Accounting Standards Board(IASB);
second, U.S. GAAP issued by Financial Accounting Standards Board(FASB);and the last, accounting standards issued by individual country¡¦s accounting standards institution. The global trend is highly developing in international
capital markets and multinational businesses operating strategies. As such, the investors in international capital markets have demands eagerly on clear and understandable financial statements for better investment analyses, and
decisions. Therefore, a set of internationally-unified accounting principles is necessary in such economic environments. In these years, convergence to or direct adoption of IFRS have been an international hot topic and popularly
discussed worldwide, and it seems an irrevocable trend to converge from local accounting principles to IFRS. R.O.C. Financial Supervisory
Commission has announced the time schedules and structures of IFRS adoption, and set up several steps for public companies to adopt IFRS starting
from 2013. There are still some significant differences existed between R.O.C. accounting principles and IAS/IFRS. Thus, this study was intended to assist Taiwan companies to understand the differences, make decisions on accounting policies while adopting IFRS, and evaluate the influences on financial statements and business operation activities, so that Taiwan companies can converge from ROC GAAP to IFRS with the international trend smoothly and successfully.
This thesis contains five chapters. Chapter One is the introduction. Chapter Two is description of accounting organizations and literature, including the development of organization establishing IFRS and the application of IFRS in the world. Chapter Three is the comparison between R.O.C. accounting standards and IFRS, which firstly illustrates the current situation of R.O.C. accounting standards; secondly, compares the concept of IFRS to the R.O.C. accounting standards, and then uses the literature analysis method to identify the differences item by item. Chapter Four is the analysis of impacts and strategies, and various considerations while adopting IFRS. Chapter Five is the conclusion and research suggestion.
The conclusion of the thesis includes as below,
In the early years, the R.O.C. accounting standards were initially formed based on U.S. GAAP. However, ROC accounting standards are updated or revised based on IFRS gradually while more and more countries adopt IFRS, which contains ¡§principle-based¡¨ accounting standards. Such ¡§principle-based¡¨ standards can avoid specific detailed exception rules under ¡§rule-based¡¨ ones, and it also can reduce the possibility that companies create special arrangements in form to bypass the economic recognition in substance and qualify the standard requirements at the meantime. There are still several differences between IFRS and R.O.C. accounting standards. Therefore, the key point for companies to implement IFRS successfully is to understand the principles and concept structures of IFRS, and to compare the differences between IFRS and R.O.C. accounting standards. Since ROC accounting standards will be converged to IFRS by direct adoption, Taiwanese companies should evaluate the differences of measurement, classification, and disclosure requirements between IFRS and R.O.C. accounting standards. And, companies should prepare well their convergence plans in consideration of possible impacts and management changes, which will be also helpful for local companies to develop global operation strategies.
| Identifer | oai:union.ndltd.org:NSYSU/oai:NSYSU:etd-0708110-141347 |
| Date | 08 July 2010 |
| Creators | Wu, Chiu-yen |
| Contributors | Ming Chi Chen, So De Shyu, Y. Chris Liao |
| Publisher | NSYSU |
| Source Sets | NSYSU Electronic Thesis and Dissertation Archive |
| Language | Cholon |
| Detected Language | English |
| Type | text |
| Format | application/pdf |
| Source | http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0708110-141347 |
| Rights | not_available, Copyright information available at source archive |
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