CTBC Financial : Announced on behalf of Taiwan Life Insurance Co., Ltd. for the change in accounting estimated approach after the start date of fiscal year 2022.
Announced on behalf of Taiwan Life Insurance Co.,
Ltd. for the change in accounting estimated approach
after the start date of fiscal year 2022.
Date of events
2022/08/18
To which item it meets
paragraph 9
Statement
1.Date of the board of directors' resolution:2022/08/18
2.Nature of the change:In accordance with Article 6 of "Regulations Governing
the Preparation of Financial Reports by Insurance Enterprises", Taiwan Life
planned to change the accounting estimates for the BOT of the Cultural and
Creative Centre Co-constructed with Kaohsiung General Library.
3.Reason for the change:The contract period for the BOT of the Cultural and
Creative Centre Co-constructed with Kaohsiung General Library was extended
for 2 years. To reflect the economic substance of the assets, Taiwan Life
planned to re-evaluate its useful life and amortization period for the
assets.
4.Changed period for retrospective application of the new accounting policy:
NA
5.The line items affected and the actual effect for the year
before accounting change:NA
6.Actual effect on the opening balance of retained earnings for
the past accounting year:NA
7.The reasonableness and necessity for the change in accounting policy
or accounting estimate after the beginning of the accounting year:Kaohsiung
City Government has agreed to extend the contract period from 50 years to 52
years for the BOT of the Cultural and Creative Centre Co-constructed with
Kaohsiung General Library. Taiwan Life planned to change the amortization
period of the intangible asset and the useful life of the property in
accordance with the date of signing the extension contract with Kaohsiung
City Government in order that the economic benefit of the assets would be
consistent with its useful life.
8.If the decided effect is impracticable, specify the reasons
why retrospective application is impracticable, and how and from
when the accounting policy change will be applied:NA
9.If the decided effect is impracticable, the opinion provided by the CPA
about the effect of the audit opinion for the accounting year
preceding the accounting change:NA
10.Opinion expressed by the CPA regarding itemized analysis
of reasonableness:According to the CPA's reviewed opinion, it is reasonable
and necessary regarding the change in estimates.
11.Objection or reservation opinion from the independent directors:None
12.Countermeasures:None
13.Any other matters that need to be specified:Changes in accounting estimates
by the relevant board resolutions are subject to approval by the competent
authority.
Attachments
Original Link
Original Document
Permalink
Disclaimer
CTBC Financial Holding Co. Ltd. published this content on 18 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 August 2022 11:43:01 UTC.
CTBC FINANCIAL HOLDING CO., LTD. is a Taiwan-based financial holding company. The Company is principally engaged in investment banking business, bills finance business, credit card business, trust business, insurance business, securities business, futures business, venture capital business, securities investment trust business, foreign financial institution investment business and other financial related businesses. The Company operates its businesses in domestic market and overseas markets.
CTBC Financial : Announced on behalf of Taiwan Life Insurance Co., Ltd. for the change in accounting estimated approach after the start date of fiscal year 2022.
CTBC FINANCIAL HOLDING CO., LTD. 
