Page 53 - 2023 CPC Corporation,Taiwan
P. 53

(In Thousands of New Taiwan Dollars, Unless Stated Otherwise)
CPC Corporation, Taiwan (the “Company” or CPC) was established on June 1, 1946 and engages mainly in
(a) The impact of the International Financial Reporting Standards (“IFRSs”) endorsed by the Financial Supervisory Commission, R.O.C. which have already been adopted.
• Amendments to IAS 16 “Property, Plant and Equipment—Proceeds before Intended Use” •          
• Annual Improvements to IFRS Standards 2018–2020
• Amendments to IFRS 3 “Reference to the Conceptual Framework”
(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
• Amendments to IAS 1 “Disclosure of Accounting Policies”
• Amendments to IAS 12 “Deferred Tax related to Assets and Liabilities arising from a Single Transaction”
(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:
Amendments to IAS 1 “Classification of Liabilities as Current or Non-current”
Amendments to IAS 1 “Non-current Liabilities with Covenants”
Under existing IAS 1 requirements, companies classify a liability as current when they do not have an unconditional right to defer settlement for at least 12 months after the reporting date. The amendments has removed the requirement for a right to be unconditional and instead now requires that a right to defer settlement must exist at the reporting date and have substance.
The amendments clarify how a company classifies a liability that can be settled in its own shares – e.g. convertible debt.
After reconsidering certain aspects of the 2020 amendments1, new IAS 1 amendments clarify that only covenants with which a company must comply on or before the reporting date affect the classification of a liability as current or non-current.
Covenants with which the company must comply after the reporting date (i.e. future covenants) do not affect a liability’s classification at that date. However, when non-current liabilities are subject to future covenants, companies will now need to disclose information to help users understand the risk that those liabilities could become repayable within 12 months after the reporting date.
January 1, 2024
January 1, 2024

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