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Pin to quick picksCathay Fin (s) Regulatory News (CFHS)

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To change the accounting policy

31 Mar 2014 10:05

RNS Number : 5681D
Cathay Financial Hldg Co Ld
31 March 2014
 



Subject: Cathay Financial Holdings Co., Ltd. announced to change the accounting

policy starting from January 1, 2014

Date of events:2014/03/31

Contents:

1. Date of the board of directors resolution: 2014/03/31

2. The nature of the change: Change in accounting policy

3. Reason for the change: Cathay Financial Holdings Co., Ltd. announced to change

the accounting policy regarding subsequent measurement of investment

properties from cost model to fair value model.

4. The prior periods affected by retrospective application of the new accounting

policy: 2014/01/01

5. The line items affected and the actual effect for the immediately preceding

financial year: The affected items are as follows.

2013/01/01 Balance sheet (NT$): Investment property increased 78.76billion,

Deferred tax assets increased 0.02billion, Deferred tax liabilities increased

3.54billion and Total shareholders' equity increased 75.24billion.

2013/12/31 Balance sheet (NT$): Investment property increased 100.13billion,

Property, Plant, and Equipment and Assets Held for Sale increased 0.26billion,

Deferred tax assets increased 0.02billion, Deferred tax liabilities increased

6.16billion and Total shareholders' equity increased 94.25billion.

Statement of comprehensive income 2013 (NT$): Change in fair value of

investment properties increased 9.25billion, Operating expenses decreased

1.58billion, Income tax expense increased 1.83billion, Net profit increased

9.00billion, Other comprehensive income increased 10.01 billion and Total

comprehensive profit increased 19.01billion.

Since the properties rented to a parent, subsidiary, or fellow subsidiary

are not recognized as investment property in consolidated financial

statements, the effects on equities of those Inter-company rental properties

are NT$ 21.96billion on January 1st, 2013 and NT$31.66billion on December 31st,

2013.

6. The actual effect on the opening balance of retained earnings for the

immediately preceding financial year: NT$75.24billion increased in the opening

balance of retained earnings for 2013.

7. The reasonableness and necessity for the change in accounting policy or

accounting estimate after the beginning of the financial year:

"Regulations Governing the Preparation of Financial Reports by Financial

Holding Companies" was amended by the Taiwan FSC on January 9th, 2014. The

financial holding is permitted to choose either cost model or fair value model

when subsequently accounting for investment properties in 2014. To improve the

reliability and relevance of financial reporting and to enhance financial

disclosure transparency, The Company concluded that the subsequent measurement of investment properties changes from cost model to fair value model on 2014/1/1.

8. If retrospective application is impracticable, specify the reasons, how and

from when the accounting policy change be applied: N/A

9. If retrospective application is impracticable, CPA provides the opinion about

the impact of the audit opinion for the financial year preceding the

accounting change :N/A

10. About the reasonableness of the item 2 to 9, the itemized analysis and

reviewed opinion from CPA: The CPA has reviewed in accordance with Article 6

of the Regulations Governing the Preparation of Financial Reports by Financial

Holding Companies, and issued an opinion on the CFH's changes in accounting

policy that the abovementioned items 2 to 9 are fair and reasonable.

11. Objection or reservation opinion from the independent directors: N/A

12. Countermeasures: The Company elected to subsequently measure investment

properties at fair value from January 1st, 2014 in accordance with

"Regulations Governing the Preparation of Financial Reports by Financial

Holding Companies". This accounting policy change approved by the Company's

Board on March 31st , 2014.

13. Any other matters that need to be specified: N/A

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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