79
International Cooperation and Development Fund Notes to
Financial Statements
December 31, 2012 and 2011
(Expressed in NT$, except as indicated)
1. ORGANIZATION AND HISTORY
1) In accordance with the Statute for the Establishment of the International Cooperation and Development Fund,
promulgated by the President of the Republic of China, the International Cooperation and Development Fund
(TaiwanICDF) was formed and approved by the Ministry of Foreign Affairs (MOFA) on June 29, 1996. The TaiwanICDF
was formed to succeed the International Economic Cooperation Development Fund (IECDF) management committee
on June 30, 1996.
The mission of the TaiwanICDF is to provide assistance to developing countries to promote economic growth,
strengthening international cooperation, developing foreign relations with allies and friendly countries, and advancing
social progress.
2) As of December 31, 2012, the TaiwanICDF had 123 employees.
2. SIGNIFICANT ACCOUNTING POLICIES
The accompanying financial statements of the TaiwanICDF are prepared in accordance with the TaiwanICDF’s accounting
policies and accounting principles generally accepted in the Republic of China. The significant accounting policies are
summarized below:
1) Accounting Basis
The financial statements are prepared on an accrual basis.
2) Foreign Currency Transactions
The TaiwanICDF maintains its accounts in New Taiwan (NT) dollars. Transactions denominated in foreign currencies
are converted into NT dollars at the spot exchange rates prevailing on the transaction dates. Deposits denominated
in foreign currencies are translated at the spot exchange rates prevailing on the balance sheet date. Exchange gains
or losses are recognized in profit or loss. The other assets denominated in foreign currencies are measured at the
historical exchange rate at the date of the transaction.
3) Classification of Current and Non-current Items
A. Assets that meet one of the following criteria are classified as current assets; otherwise they are classified as
non-current assets:
a) Assets arising from operating activities that are expected to be realized or consumed, or are intended to be
sold within the normal operating cycle;
b) Assets held mainly for trading purposes;
c) Assets that are expected to be realized within twelve months from the balance sheet date;
d) Cash and cash equivalents, excluding restricted cash and cash equivalents and those that are to be exchanged
or used to pay off liabilities more than twelve months after the balance sheet date.
B. Liabilities that meet one of the following criteria are classified as current liabilities; otherwise they are classified as
non-current liabilities:
a) Liabilities arising from operating activities that are expected to be paid off within the normal operating cycle;
b) Liabilities arising mainly from trading activities;
c) Liabilities that are to be paid off within twelve months from the balance sheet date;
d) Liabilities for which the repayment date cannot be extended unconditionally to more than twelve months after
the balance sheet date.
4) Cash Equivalents
Cash and cash equivalents include cash on hand and in banks, and other short-term highly liquid investments, which
are readily convertible to a fixed amount of cash and which are subject to insignificant risk of changes in value
resulting from fluctuations in interest rates.
5) Allowance for Uncollectible Accounts
The provision of reserve for bad debts is made based on their risk levels in accordance with the Regulation for the
TaiwanICDF Dealings with Past-Due/Non-Performing Loans and Bad Debts.
6) Financial Assets and Financial Liabilities at Fair Value through Profit or Loss
