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This article applies to:

  • Product: ONESOURCE Statutory Reporting
  • Subject: Templates

Version 19 - February 2025 (CUD release)

  • Financial Period Type: 12-Months (Annual)
  • Target Industry Type: Manufacturing, Services, and Generic (excluding Financial Services)

Legislative updates

This legislative update is valid from January 1, 2025 to June 30, 2025.
Interpretation Number 18:
Subsequent measurement of investment properties held as underlying items under the floating charge method.
  • Related Accounting Standards:
    • Accounting Standard for Business Enterprises Number 25 - Insurance Contracts (Cai Kuai [2020]).
    • Accounting Standard for Business Enterprises Number 3 - Investment Properties (Cai Kuai [2006] Number 3).
    • When an enterprise adopts the Accounting Standard for Business Enterprises Number 25 - Insurance Contracts (Cai Kuai [2020]), it can select either the fair value model or the cost model for subsequent measurement of investment properties held as underlying items under the variable fee method, in compliance with Accounting Standard for Business Enterprises Number 3 - Investment Properties (Cai Kuai [2006] Number 3). However, the enterprise can't adopt both measurement models simultaneously for these investment properties.
    • If the enterprise measures investment properties held as underlying items under the variable fee method using the fair value model, it can't convert to the cost model. The enterprise must measure all such investment properties using the fair value model.
  • This standard is effective for annual periods beginning on or after January 1, 2025. If an enterprise changes from a cost model to a fair value model for an investment property held as underlying items under the variable fee method, it must treat this as a change in accounting policies. The enterprise must disclose the relevant information in the notes to the financial statements when making these adjustments.
  • Early adoption is permitted.
Accounting for assurance-type quality assurance that is not an individual performance obligation.
  • Related Accounting Standards:
    • Accounting Standards for Business Enterprises Number 13 - Contingencies (Cai Kuai [2006] Number 3).
  • For assurance-type quality assurance that is not an individual performance obligation, the enterprise must record the journal by debiting the cost accounts and crediting the provisions account. The enterprise should reflect the relevant amount accordingly in the financial statements.
  • This standard is effective for annual periods beginning on or after January 1, 2025. When implementing this interpretation for the 1st time, the enterprise must treat it as a change in accounting policies. The enterprise must disclose the relevant information in the notes to the financial statements when making these adjustments.
  • Early adoption is permitted.
Sustainability Disclosure Standards for Business Enterprises – Basic Standards (Provisional):
  • The standards outline the core content requirements for a complete set of sustainability-related financial disclosures. They require an entity to disclose information about all sustainability-related risks and opportunities that could reasonably be expected to affect the entity’s prospects. This effect refers to the impact on the entity’s cash flows, access to finance, or cost of capital over the short, medium, or long term.
  • To assist the main users of general-purpose financial reports in making decisions related to the provision of resources to entities, the core content of the standards includes 4 aspects:
    1. The governance processes, controls, and procedures the entity uses to monitor, manage, and oversee sustainability-related risks and opportunities.
    2. The entity’s strategy for managing sustainability-related risks and opportunities.
    3. The processes the entity uses to identify, assess, prioritize, and monitor sustainability-related risks and opportunities.
    4. The entity’s performance concerning sustainability-related risks and opportunities, including progress towards any targets the entity has set or is required to meet by law or regulation.
  • Early adoption is permitted.

Early adoption availability

Interpretation Number 18 will take effect for annual periods beginning on or after January 1, 2025. Entities may apply it early and must disclose this application.
Regarding the Sustainability Disclosure Standards for Business Enterprises - Basic Standards (Provisional), the standard doesn't include detailed requirements for adoption. Until the scope of adoption and detailed requirements are stipulated, enterprises may voluntarily adopt the standards.

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