Articles 1 The Standards are established in accordance with Articles 24, Paragraph 4 and Article 25, Paragraph 5 of the Foundations Act (hereinafter referred to as the Act).

The formulation of accounting standards and financial reports of national cultural affairs foundations (hereinafter referred to as cultural foundations) under the jurisdiction of the Ministry of Culture (hereinafter referred to as the Ministry) shall be processed in accordance with the Standards and related regulations; items not provided herein shall be processed in accordance with generally accepted accounting principles.
The generally accepted accounting principles in the preceding paragraph shall be based on the Enterprise Accounting Standards and their interpretations. Cultural foundation s may also adopt International Financial Reporting Standards, International Accounting Standards, Interpretations, and Standing Interpretations Committee (SIC) Interpretations.

Cultural foundations shall appoint accounting personnel to implement accounting procedures. Where a cultural foundation has insufficient personnel, related personnel may serve concurrently in these capacities.
Cultural foundations may appoint an accountant or a person qualified by law for handling accounting affairs to process the accounting procedures in the preceding paragraph.
Accounting personnel of cultural foundations shall process accounting affairs and formulate accounting reports in accordance with the Standards. In the event of release or change of post, the respective job transfer must be implemented.

Article 4 Cultural foundations shall establish an accounting system in accordance with Article 24, Paragraph 1 of the Act and submit it to the Ministry for record.
The contents of the accounting system in the preceding paragraph shall include the following items:
1. General explanation.
2. Bookkeeping organizational chart.
3. Categories and formats of accounting vouchers.
4. Categories and formats of accounting ledgers.
5. Names, definitions, and numbering of accounting items.
6. Categories of accounting reports and format of tables.
7. Procedures for processing accounting affairs.
8. Procedures for processing assets and finances.
9. Others.

The fiscal year of cultural foundations shall be based on the calendar year which begins on January 1 and ends on December 31 each year. The basis of accounting shall be based on an accrual system. The accounting unit shall be NTD and the unit used for financial statements shall be NTD.
Where accounts are listed in foreign currencies due to the nature of the business, the cultural foundation shall convert foreign currencies into NTD for calculation.