These Regulations is be prescribed in accordance with Article 13 of Business Entity Accounting Act (hereinafter referred to as the “Act”).

The handling of business accounting affairs shall be in accordance with the provisions of the “Act”, these Regulations and all applicable legal directives. Matters not provided herein shall be subject to Generally Accepted Accounting Principles. However, starting the beginning of 2018 fiscal year, a company, except when it has control or significant influence over, or a joint venture interest in, an invested company, in which case it shall value the long-term equity investment using the equity method, may prepare financial statements voluntarily pursuant to provisions in Articles 3, 9 through 14, 16, 18, 24-1 through 26 and 28 of “Regulations Governing the Preparation of Financial Reports by Securities Issuers” promulgated by Financial Supervisory Commission, and shall be exempted from restrictions under these Regulations.

A business entity may set up, as required, accounting documents, account items, account books and financial statements in addition to those listed in these Regulations.
The titles and formats of the bookkeeping voucher, account books and financial statements shall be announced by the Central Competent Authority.

A business entity may set up, as required, subsidiary items for account items, subsidiary books for account books and supplementary schedules for financial statements.