Announcement of the changes in accounting
estimates in the consolidated financial statements
associated with the relocation of Shen Hua
Date of events
2022/01/21
To which item it meets
paragraph 9
Statement
1.Date of the board of directors' resolution:2022/01/21
2.Nature of the change:Changes in accounting estimates
3.Reason for the change:
In comply with the provisions of IAS No. 16, TSRC changes the estimates of
service life and residual value of the non-removable assets of Shen Hua
in the consolidated financial statements to reflect the economic impact due
to the ��Compensation Agreement�� signed by Shen Hua. The estimate changes
have no impact on the net profit of the Company
4.Changed period for retrospective application of the new accounting policy:NA
5.The line items affected and the actual effect for the year
before accounting change:None
6.Actual effect on the opening balance of retained earnings for
the past accounting year:None
7.The reasonableness and necessity for the change in accounting policy
or accounting estimate after the beginning of the accounting year:
The ��Compensation Agreement�� signed by the Shen Hua on 4 Dec 2021 has
changed the estimated service life and residual value of Shen Hua's
non-removable assets with previous estimates. TSRC should review the changes
of accounting estimates in consolidated financial statements to reflect the
economic impact of the agreement reasonably in comply with the provisions of
IAS No. 16.
8.If the decided effect is impracticable, specify the reasons
why retrospective application is impracticable, and how and from
when the accounting policy change will be applied:NA
9.If the decided effect is impracticable, the opinion provided by the CPA
about the effect of the audit opinion for the accounting year
preceding the accounting change:NA
10.Opinion expressed by the CPA regarding itemized analysis
of reasonableness:
Mr. Steven Huang, a CPA of KPMG, has reviewed the changes of accounting
estimates in accordance with Article 6 of ��Regulations Governing the
Preparation of Financial Reporting by Securities Issuers�� and issued an
opinion without finding any unreasonable matters.
11.Objection or reservation opinion from the independent directors:NA
12.Countermeasures:NA
13.Any other matters that need to be specified:
The proposal was resolved by the Board Meeting of Directors and will be
reported to the upcoming Annual General Meeting in accordance with the
relevant regulations.
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TSRC Corporation published this content on 21 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 January 2022 06:01:04 UTC.
TSRC Corp is a Taiwan-based company mainly engaged in the manufacture and sale of synthetic rubber products. The Company operates through three business segments. The synthetic rubber segment manufactures and sells synthetic rubber. Its products include emulsion polystyrene-butadiene rubber (E-SBR), solution polystyrene-butadiene rubber (S-SBR), polybutadiene/butadiene rubber (BR), thermoplastic elastomer (TPE) etc. The non-synthetic rubber segment manufactures and sells applied materials such as engineering plastics and thermoplastic elastomers. The Other segment is engaged in warehousing business. The Company's business covers the mainland, the United States, Thailand, Germany, Turkey, Japan, Italy and Southeast Asia.
TSRC CORPORATION 
