Page 89 - 國合會2016電子書-西文

Apendice

(version en ingles)
International Cooperation and Development Fund
NOTES TO THE FINANCIAL STATEMENTS

DECEMBER 31, 2016 AND 2015

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
(Taiwan ICDF) was formed and approved by the Ministry of Foreign Affairs (MOFA) on June 29, 1996.
Taiwan ICDF was formed to succeed the International Economic Cooperation Development Fund (IECDF)
management committee on June 30, 1996.The mission of Taiwan ICDF 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, 2016, Taiwan ICDF had 122 employees.

2. SIGNIFICANTACCOUNTING POLICIES
The accompanying financial statements of Taiwan ICDF are prepared in accordance with Taiwan ICDF’s accounting
policies approved by Ministry of Foreign Affairs, R.O.C.; the relevant laws and regulations formulated by the central
government; the Official Letter No. 1050201087 released by Directorate General of Budget Accounting and Statistics,
Executive Yuan on December 15, 2016, and the Statement of Financial Accounting Standards. The significant
accounting policies are summarized as belows:
1) Accounting Basis
Government funding are recognised as revenue at current expenses plus accrual reserved fund as total annual
expenses based on matching of costs with revenues. Others are accounted at accrual basis. In addition, the
financial statements of Taiwan ICDF adopted accrual basis, anything accounted at cash basis will be adjusted to
accrual basis during closing of accounts.
2) Foreign Currency Translation
Taiwan ICDF 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 at 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

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