The Ministry of Finance ("MOF") has recently issued the 2018 Versions of Consolidated Financial Statement Templates (the "Templates") and meanwhile distributed a circular to clarify arrangements for relevant work.
Applicable to company groups that have executed the new accounting standards for financial instruments and for income, the Templates, as well as various items therein, are designed to cover situations of parent companies and their subsidiaries engaged in different economic business lines, covering general enterprises, commercial banks, insurance companies and securities companies. Specifically, the Templates are comprised of the consolidated balance sheet, the consolidated profit statement, the consolidated cash flow statement, and the consolidated statement of changes in owners' equity, and respective instructions are provided for each statement. According to the circular, enterprises will be allowed to, under the materiality principle and in consideration of their own actual situations, add extra items for certain business which it is truly necessary to itemize separately, to the consolidate financial statements, and remove relevant business items, if not applicable, listed in the given consolidated financial statement templates.