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| The Foundation’s Origin |
| In the early 1980s, the branch
offices of Chase Manhattan Bank (US) and other
foreign banks in Taiwan incurred bad debts from
loans granted based upon the unqualified opinions
oIn the early 1980s, the branch offices of Chase
Manhattan Bank (US) and other foreign banks in
Taiwan incurred bad debts from loans granted based
upon the unqualified opinions of audit reports
issued by local certified public accountants (CPAs).
As a result, the audit quality of practicing CPAs in
Taiwan was considered inconsistent, and it was
suggested that the Ministry of Finance expedite
improvement measures. The Finance Minister at the
time, Mr. Li–De Siu was very concerned and convened
several meetings with the chairmen of National
Federation of CPA Association, Taiwan CPA
Association, and Taipei CPA Association, which
resolved to establish an accounting research and
development foundation. The goal of this foundation
was to enhance our nation’s accounting and auditing
standards through the stipulation of financial
accounting standards and auditing standards by a
fair and independent institute, and to aggressively
promote accounting educational training. At the end
of 1983, the Ministry of Finance convened a meeting
to “plan an overall enhancement of the accountants’
system” and formed a funding team with nine members.
In February 1984, Taiwan CPA Association and Taipei
CPA Association convened a joint member meeting and
during which, the board chairmen asked for the
members’ support to raise a fund. Subsequently, this
fund received the sponsorship and support of various
industrial and commercial associations and
enterprises. In April of the same year, the
inaugural meeting of the Accounting Research and
Development Foundation of the Republic of China took
place, during which, the board directors were
selected. Later, the first meeting of the board of
directors was held and the standing directors were
also elected, and they in turn, selected Mr.
Pei-Ying Bai as the board chairman and engaged one
of the standing directors, Mr. Pao-Kuei Chu, as
secretary general. In May, the Foundation applied to
the Taipei District Court of Taiwan for registration
of juridical association as the Accounting Research
and Development Foundation of the Republic of China.
In June 1984, the Foundation received its
certificate of registration as a juridical
association and thus, the Foundation was officially
established. |
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| Each term of the Foundation’s board
director is three years. From the first term until
the seventh term, every chairman was always the
Deputy Minister of Ministry of Finance. In October
2004, the twelfth meeting of board directors and the
seventeenth meeting of standing directors for the
seventh term were held. Due to a change in the
authority-in-charge of the Foundation from the
jurisdiction of the Ministry of Finance to that of
the Financial Supervisory Commission under the
Executive Yuan, the board chairman, Deputy Finance
Minister, Mr. Shu Chen, requested permission to
resign. There was a consensus among all of the board
directors and standing directors that the
Foundation’s fair and independent image would be
further reflected if the new chairman was selected
from the academic sector. Consequently, the then
Foundation’s standing director and FASC’s chairman,
Prof. Rong-Ruey Duh, who was the professor of
Accounting Department at the National Taiwan
University, was selected by all. Having a scholar’s
relentless devotion, Prof. Duh assumed
responsibility for the difficult tasks ahead and
became the board chairman. In April 2005, at the end
of the seventh term of the Foundation’s board
directors, Prof. Duh was re-elected as the
Foundation’s Chairman of the Board of Directors for
the eighth term. |
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| In April 2008, Prof. Duh was again
re-elected as the Chairman of the Board of Directors
for the ninth term until his resignation in August
2008. He was then succeeded by Prof. Fujiing Shiue
of the National Taipei University. In March 2009,
Prof. Fujiing Shiue resigned, and he was then
succeeded by Mr. Tang-Chieh Wu.
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| In March 2011, Mr. Tang-Chieh Wu was again re-elected as the Chairman of the Board of Directors for the tenth term. |
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| In March 2014, Mrs. Doris Yi
Hsin Wang was elected as the Chairman of the Board of Directors for the
Eleventh term. |
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| In March 2017, Mrs. Doris Yi
Hsin Wang was again re-elected as the Chairman of the Board of Directors for the Twelfth term. |
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| In March 2020, Mrs. Doris Yi
Hsin Wang was again re-elected as the Chairman of the Board of Directors for the Thirteenth term. |
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