Foundations Act Article 24

A foundation shall set up its accounting system and submit to the competent authority for record. The accrual principle shall be adopted as the accounting basis, and the fiscal year shall be based on a calendar year unless otherwise approved by the competent authority. The accounting system shall be formulated in accordance with the generally accepted accounting principle.A foundation shall establish its internal control and audit system and submit to the competent authority for record if its total property registered with the court or annual income reaches a specified amount. The said foundation shall have its financial statements certified by an accountant and stipulate a code of ethics in management according to the competent authority’s guidance.The specified amount for the total property and annual income as well as the guidance on the code of ethics in management shall be stipulated by the competent authority.The accounting principle and principle on the preparation of financial report for foundations shall be stipulated by the competent authority.