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This article applies to:

  • Product: ONESOURCE Statutory Reporting
  • Subject: Templates

Version 15 - February 2025 (CUD release)

  • Financial period type: 12-Months (Annual)
  • Target industry type: Manufacturing, Services, and Generic (excluding Financial Services)

Content update

This update confirms that the Taiwan Corporate Template includes Illustrative Model Content covering legislative requirements for the annual year-end reporting.

Legislative updates

Standards or interpretations issued, revised, or amended, by the International Accounting Standards Board (“IASB”)
endorsed
 by the FSC.
Lack of Exchangeability – Amendments to IAS 21
These amendments specify whether a currency is exchangeable into another currency and, when it isn't, to determine the exchange rate to use and the disclosures to provide.
The amendments will be effective for annual periods beginning on or after 1 January 2025. Early adoption is permitted but will need to be disclosed.
Standards or interpretations issued, revised, or amended, by the IASB
not endorsed
 by the FSC.
IFRS 10 “Consolidated Financial Statements” and IAS 28 “Investments in Associates and Joint Ventures” — Sale or Contribution of Assets between an Investor and its Associate or Joint Ventures
The amendments address the inconsistency between the requirements in IFRS 10
Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures
, in dealing with the loss of control of a subsidiary that is contributed to an associate or a joint venture. IAS 28 restricts gains and losses arising from contributions of non-monetary assets to an associate or a joint venture to the extent of the interest attributable to the other equity holders in the associate or joint ventures. IFRS 10 requires full profit or loss recognition on the loss of control of the subsidiary. IAS 28 was amended so that the gain or loss resulting from the sale or contribution of assets that constitute a business as defined in IFRS 3 between an investor and its associate or joint venture is recognized in full.
IFRS 10 was also amended so that the gains or loss resulting from the sale or contribution of a subsidiary that doesn't constitute a business as defined in IFRS 3 between an investor and its associate or joint venture is recognized only to the extent of the unrelated investors’ interests in the associate or joint venture.
The amendments must be applied prospectively. Early application is permitted and must be disclosed.
IFRS 18 – Presentation and Disclosure in Financial Statements
IFRS 18 replaces IAS 1 Presentation of Financial Statements. The following are the main changes:
  • Improved comparability in the statement of profit or loss (income statement)
    IFRS 18 requires entities to classify all income and expenses within their statement of profit or loss into 1 of 5 categories: operating; investing; financing; income taxes; and discontinued operations. The 1st 3 categories are new, to improve the structure of the income statement, and requires all entities to provide new defined subtotals, including operating profit or loss. The improved structure and new subtotals will give investors a consistent starting point for analyzing entities’ performance and make it easier to compare entities.
  • Enhanced transparency of management-defined performance measures
    IFRS 18 requires entities to disclose explanations of those entity-specific measures that are related to the income statement, referred to as management-defined performance measures.
  • Useful grouping of information in the financial statements
    IFRS 18 sets out enhanced guidance on how to organize information and whether to provide it in the primary financial statements or in the notes. The changes are expected to provide more detailed and useful information. IFRS 18 also requires entities to provide more transparency about operating expenses, helping investors to find and understand the information they need.
IFRS 18 and the consequential amendments to the other accounting standards, is effective for reporting periods beginning on or after 1 January 2027 and must be applied retrospectively. Early adoption is permitted and must be disclosed.
IFRS 19 – Subsidiaries without Public Accountability: Disclosures
This standard permits subsidiaries without public accountability to provide reduced disclosures when applying IFRS Accounting Standards in their financial statements. IFRS 19 is optional for subsidiaries that are eligible and sets out the disclosure requirements for subsidiaries that elect to apply it.
IFRS 19 is effective for reporting periods beginning on or after 1 January 2027 and earlier adoption is permitted.
If an eligible entity chooses to apply the standard earlier, it is required to disclose that fact. An entity is required, during the 1st period (annual and interim) in which it applies the standard, to align the disclosures in the comparative period with the disclosures included in the current period under IFRS 19, unless IFRS 19 or another IFRS accounting standard permits or requires otherwise.
Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7
The amendments include:
  1. Clarify that a financial liability is derecognized on the settlement date and describe the accounting treatment for settlement of financial liabilities using an electronic payment system before the settlement date.
  2. Clarify how to assess the contractual cash flow characteristics of financial assets that include environmental, social, and governance ESG-linked features and other similar contingent features.
  3. Clarify the treatment of non-recourse assets and contractually linked instruments.
  4. Require additional disclosures in IFRS 7 for financial assets and liabilities with contractual terms that reference a contingent event (including those that are ESG-linked), and equity instruments classified at fair value through other comprehensive income.
The amendments will be effective for annual reporting periods beginning on or after 1 January 2026. Entities can early adopt the amendments that relate to the classification of financial assets plus the related disclosures and apply the other amendments later.
The new requirements will be applied retrospectively with an adjustment to opening retained earnings. Prior periods aren't required to be restated and can only be restated without using hindsight. An entity is required to disclose information about financial assets that change their measurement category due to the amendments.
Annual Improvements to IFRS Accounting Standards – Volume 11
  • Amendments to IFRS 1 – The amendments mainly improve the consistency in wording between first-time adoption of IFRS and requirements for hedge accounting in IFRS 9.
  • Amendments to IFRS 7 – The amendments update an obsolete cross-reference relating to gain or loss on derecognition.
  • Amendments to Guidance on implementing IFRS 7 – The amendments improve some of the wordings in the implementation guidance, including the introduction, disclosure of deferred difference between fair value and transaction price and credit risk disclosures.
  • Amendments to IFRS 9 – The amendments add a cross-reference to resolve potential confusion for a lessee applying the derecognition requirements and clarify the term “transaction price”.
  • Amendments to IFRS 10 – The amendments remove the inconsistency between paragraphs B73 and B74 of IFRS 10.
  • Amendments to IAS 7 – The amendments remove a reference to “cost method” in paragraph 37 of IAS 7.
They apply to annual reporting periods beginning on or after 1 January 2026. Earlier application is permitted.
Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7
The amendments include:
  • Clarify the application of the ‘own use’ requirements.
  • Permit hedge accounting if these contracts are used as hedging instruments.
  • Add new disclosure requirements to enable investors to understand the effect of these contracts on a company’s financial performance and cash flows.
The amendments will be effective for annual reporting periods beginning on or after 1 January 2026. Early adoption is permitted but will need to be disclosed.
The clarifications regarding the ‘own use’ requirements must be applied retrospectively, but the guidance permitting hedge accounting have to be applied prospectively to new hedging relationships designated on or after the date of initial application.
Is early adoption available for these accounting standards?
Early adoption is permitted, except as otherwise stated above.
These amendments updates are to be included and disclosed in the financial statements for the fiscal year ended 31 December 2025 when /until the company prepare their own financial statements in or after January 2026.
The above legislative update is valid for the first half year from 1 January 2025 to 30 June 2025. Any newly legislative update will be further discussed and covered in the next content update document.

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