Page 46 - CPC 2018 Annual Report

44 CPC Corporation, Taiwan 2018
CPC CORPORATION, TAIWAN
NOTES TO FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016
(In Thousands of New Taiwan Dollars, Unless Stated Otherwise)
(1) Corporation history
CPC Corporation, Taiwan (the “Company” or CPC) was established on June 1, 1946 and engages mainly in oil and gas exploration, refining, procurement, transport, storage and marketing.
(2) Approval date and procedures of financial statements
The financial statements were authorized for issuance by the Board of Directors on April 18, 2018.
(3) New standards, amendments and interpretations adopted
(a) The impact of the International Financial Reporting Standards (“IFRSs”) endorsed by the Financial Supervisory Commission, R.O.C. (“FSC”) which have already been adopted.
The following new standards, interpretations and amendments have been endorsed by the FSC and are effective for annual periods beginning on or after January 1, 2017:
New, Revised or Amended Standards and Interpretations
Effective date per IASB
Amendments to IFRS 10, IFRS 12 and IAS 28 “Investment Entities: Applying the Consolidation Exception”
IFRS 14 “Regulatory Deferral Accounts”
Amendments to IAS 16 and IAS 38 “Clarification of Acceptable Methods of Depreciation and Amortization”
Amendments to IAS 19 “Defined Benefit Plans: Employee Contributions”
Amendments to IAS 36 “Impairment of Non-Financial assets- Recoverable Amount Disclosures for Non Financial Assets”
Annual Improvements to IFRSs 2010-2012 Cycle and 2011-2013 Cycle
IFRIC 21 “Levies”
January 1, 2016
January 1, 2016
January 1, 2016
July 1, 2014
January 1, 2014
July 1, 2014
January 1, 2014
Amendments to IFRS 11 “Accounting for Acquisitions of Interests in Joint Operations”
January 1, 2016
Amendment to IAS 1 “Presentation of Financial Statements-Disclosure Initiative”
January 1, 2016
Amendments to IAS 16 and IAS 41 “Agriculture: Bearer Plants”
January 1, 2016
Amendment to IAS 27 “Equity Method in Separate Financial Statements”
January 1, 2016
Amendments to IAS 39 “Financial Instruments-Novation of Derivatives and Continuation of Hedge Accounting”
January 1, 2014
Annual Improvements to IFRSs 2012-2014 Cycle
January 1, 2016
The Company believes that the adoption of the above IFRSs would not have any material impact on its financial statements.