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Appendix
77
International Cooperation and Development Fund
Notes to Financial Statements
December 31, 2015 and 2014
Expressed in NT$, except as otherwise 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, 2015, the TaiwanICDF had 138 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, receivables
and the unreimbursed balance of reserves payable by the Central Bank of the Republic of China due to engaged
programmes 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.