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Accounting standards in Taiwan are set by the Financial Accounting Standards Committee (FASC) of the Accounting Research and Development Foundation (ARDF). In 1999, in its ongoing efforts to achieve convergence with International Financial Reporting Standards (IFRSs), the FASC initiated a three-year "comparability project" to review differences between IFRSs and the Taiwanese Statements of Financial Accounting Standards. In October 2006, Dr. Rong-Ruey Duh, the chairman of the ARDF, noted that the results of this comparison served as the basis for revising then-current national standards and issuing new standards more aligned with IFRSs. As stated in the ARDF's "Project Plan Concerning the Convergence with IFRSs," as of October 2007 many IFRSs had been incorporated in the national requirements. However, to achieve full convergence, the FASC is planning to revise or replace existing standards in accordance with the international standards, and to issue newly adopted IFRSs. The FASC believes that continuous adoption of IFRSs is better suited for the business environment in Taiwan.

Listed and non-listed companies are required to comply with the Taiwanese Statements of Auditing Standards developed by the Auditing Standards Committee (ASC) of the ARDF. A 2007 National Federation of Certified Public Accountants Associations (NFCPAA) self-assessment explained that the law requires the use of national standards with no reference to the International Auditing and Assurance Board (IAASB) pronouncements. The self-assessment, however, noted that the NFCPAA works together with the ASC to help incorporate IAASB pronouncements into Taiwanese requirements and holds seminars to disseminate information on the significance of international standards. Nevertheless, there is insufficient further information publicly available as to Taiwan's compliance with the International Standards on Auditing promulgated by the IAASB.