Page 53 - 2021 CPC Corporation,Taiwan

CPC CORPORATION, TAIWAN
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019
(In Thousands of New Taiwan Dollars, Unless Stated Otherwise)
(1) Company 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 the financial statements:
The financial statements were authorized for issuance by the Board of Directors on April 14, 2021.
(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 Company has initially adopted the following new amendments, which do not have a significant impact on its financial statements, from January 1, 2020:
• Amendments to IFRS 3 “Definition of a Business”
• Amendments to IFRS 9, IAS39 and IFRS7 “Interest Rate Benchmark Reform” • Amendments to IAS 1 and IAS 8 “Definition of Material”
• Amendments to IFRS 16 “COVID-19-Related Rent Concessions”
(b) The impact of IFRS issued by the FSC but not yet effective
The Company assesses that the adoption of the following new amendments, effective for annual period beginning on January 1, 2021, would not have a significant impact on its financial statements:
• Amendments to IFRS 4 “Extension of the Temporary Exemption from Applying IFRS 9”
• Amendments to IFRS 9, IAS39, IFRS7, IFRS 4 and IFRS 16 “Interest Rate Benchmark Reform—Phase 2” (c) The impact of IFRS issued by IASB but not yet endorsed by the FSC
The following new and amended standards, which may be relevant to the Company, have been issued by the International Accounting Standards Board (IASB), but have yet to be endorsed by the FSC:
Standards or
Interpretations
Amendments to AS 1 “Classification of Liabilities as Current or Non-current”
Amendments to IAS 16 “Property, Plant and Equipmentt— Proceeds before Intended Use”
Content of amendment
The amendments aim to promote consistency in applying the requirements by helping
companies determine whether, in the statement of balance sheet, debt and other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non- current.
The amendments include clarifying the classification requirements for debt a company might settle by converting it into equity.
The amendments prohibit a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, a company will recognize such sales proceeds and related cost in profit or loss.
Effective date per IASB
January 1, 2023
January 1, 2022
50
51
Financial Statements