National Cultural Affairs Foundations Accounting Standards and Financial Reporting Standards Article 2

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 foundations may also adopt International Financial Reporting Standards, International Accounting Standards, Interpretations, and Standing Interpretations Committee (SIC) Interpretations.