Listed Firms in Taiwan to Publicize Annual Reports a Month Earlier

Written by Writer on Tuesday, October 21st, 2008

Listed Firms in Taiwan to Publicize Annual Reports a Month Earlier

2008/10/21
China Economic News Service (CENS)

Taipei, Oct. 21, 2008 (CENS)-Listed companies in Taiwan will have to publicize annual reports by the end of March, one month earlier than the end of April, according to the revised Article 36 of the Securities Transaction Law, passed by the financial committee of the legislature on Oct. 20.

The legislature is expected to ratify the revision by the end of this year to become effective in 2010, allowing a one-year grace for listed firms and certified public accountants (CPA) to prepare for the change.

Wu Tang-chieh, vice chairman of the Financial Supervisory Commission (FSC), pointed out that pushing ahead the deadline for the publication of annual reports by listed firms will shorten information gap between it and the publication of third-quarter financial statements in the previous year. In the past, major financial catastrophes of listed firms often erupted during such gap. The revision also follows international practices, according to Wu.

The deadline for publicizing annual reports by companies that offer shares but are not listed on the securities market remains unchanged-at the end of April.

(by Philip Liu)