In order to increase the international competitiveness of Taiwan’s capital market and elevate the importance of the country in the Asian capital market, while reducing the overseas fund-raising costs of domestic enterprises, the Financial Supervisory Commission established the IFRSs Task Force in 2008 to facilitate the IFRSs adoption in the country and assist enterprises to successfully produce the IFRSs-based financial statements. To achieve this purpose, the Accounting Research and Development Foundation in Taiwan is engaged in the translation for the Taiwan - IFRSs on an item-by-item basis. The translation shall be publicized after an adequate review process and shall be used by the companies as the basis for the compilation of financial statements.