Page 53 - 2024 CPC Corporation,Taiwan

CPC CORPORATION, TAIWAN
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022
(1) Company history
(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 oil and gas exploration, refining, procurement, transport, storage and marketing.
(2) Approval date and procedures of the financial statements:
These financial statements were authorized for issue by the Board of Directors on April 17, 2024.
(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. 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, 2023:
• Amendments to IAS 1 “Disclosure of Accounting Policies”
• Amendments to IAS 8 “Definition of Accounting Estimates”
• Amendments to IAS 12 “Deferred Tax related to Assets and Liabilities arising from a Single Transaction”
The Company has initially adopted the new amendment, which do not have a significant impact on its financial statements, from May 23, 2023:
• Amendments to IAS 12 “International Tax Reform—Pillar Two Model Rules” (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, 2024, would not have a significant impact on its financial statements:
• Amendments to IAS 1 “Classification of Liabilities as Current or Non-current” • Amendments to IAS 1 “Non-current Liabilities with Covenants”
• Amendments to IAS 7 and IFRS 7 “Supplier Finance Arrangements”
• Amendments to IFRS 16 “Lease Liability in a Sale and Leaseback”
(c) The impact of IFRS issued by IASB but not yet endorsed by the FSC
The Company does not expect the following new and amended standards, which have yet to be endorsed by the FSC, to have a significant impact on its financial statements:
• Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets Between an Investor and Its Associate or Joint Venture”
• IFRS 17 “Insurance Contracts” and amendments to IFRS 17 “Insurance Contracts”
• Amendments to IFRS 17 “Initial Application of IFRS 17 and IFRS 9 – Comparative Information”
• Amendments to IAS21 “Lack of Exchangeability”
(4) Summary of material accounting policies:
The Company is operated and managed by the Government of the Republic of China (ROC). The Company’s significant accounting policies conform to the accounting laws and regulations governing state-owned enterprises, the Regulations Governing the Preparation of Financial Reports by Securities Issuers (the “Regulations”) and with the International Financial Reporting Standards (“IFRSs”), International Accounting Standards (“IASs”), as well as related guidance endorsed by the Financial Supervisory Commission of the Republic of China.
The Company’s annual financial statements are required to be examined by the Executive Yuan and the Ministry of Audit of the Control Yuan. The examinations are primarily aimed at determining the extent to which the Company meets its budget as approved by the Legislative Yuan. The Company’s financial statements are finalized on the basis of the results of these examinations. The Ministry of Audit’s adjustments should be reflected in the financial statements audited by independent certified public accountants. The opening balance of the following year of the Company’s books of accounts is based on the balance after the adjustments made by the Ministry of Audit. The examination of the Company’s financial statements as of and for the year ended December 31, 2022 had already been completed.
Financial Statements ●
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