Consolidated Financial Statements - Acer Group

59ACER INCORPORATED AND SUBSIDIARIESNotes to Consolidated Financial Statements (continued)(3) The significant financial assets and liabilities denominated in foreign currencies were as follows:ForeignCurrency(in thousands)2011.12.31 2010.12.31New TaiwanForeignExchange dollarsCurrency ExchangeRate (in thousands) (in thousands) RateNew Taiwandollars(in thousands)Financial assetsMonetary assetsUSD $ 2,216,332 30.29 67,132,706 2,552,262 29.13 74,347,392EUR 932,474 39.26 36,616,942 1,833,495 38.9876 71,483,570RMB 2,758,749 4.81 13,274,637 3,014,289 4.41 13,293,014Non-monetary assetsUSD 46,851 30.29 1,419,115 33,658 29.13 980,458Financial liabilitiesMonetary liabilitiesUSD 3,107,031 30.29 94,111,982 3,817,104 29.13 111,192,240EUR 224,257 39.26 8,919,687 403,863 38.9876 15,745,649RMB 115,150 4.81 554,085 810,156 4.41 3,572,788Non-monetary assetsUSD 41,348 30.29 1,252,417 67,062 29.13 1,953,515(4) According to the Rule No. 0990004943 issued by the Financial Supervisory Commission (“FSC”)dated February 2, 2010, staring from 2013, companies with shares listed on the Taiwan StockExchange Corporation or traded on the Taiwan GreTai Securities Market or Emerging Stock Marketshould prepare their consolidated financial statements in accordance with the International FinancialReporting Standards (“IFRSs”), International Accounting Standards (“IASs”), Interpretationsdeveloped by the International Financial Reporting Interpretations Committee (“IFRIC”) or theformer Standing Interpretations Committee (“SIC”) translated by the Accounting Research andDevelopment Foundation (“ARDF”) and issued by FSC (hereinafter referred to collectively as the“IFRSs”). As a result, the Company has established a taskforce to monitor and execute the IFRSsadoption plan. Leading the implementation of this plan is Eva Ho, the chief financial officer. Themain contents of the plan, schedule and status of execution as of December 31, 2011 are listed below.Contents of planResponsibleDivisionStatus ofexecution1) Assessment phase (2010/1/1~2011/12/31)◎ Develop the implementation plan and set up a projectteam◎ Compare and analyze the difference between R.O.C.GAAP and IFRSs◎ Evaluate the potential adjustments to the existingaccounting polices◎ Evaluate the applicability of the IFRS 1 “First-timeAdoption of International Financial Reporting Standards”◎ Evaluate the potential adjustments to the informationtechnology systems and internal controls2) Preparation phase (2011/1/1~2012/12/31)◎ Determine how to adjust the existing accounting policiesto conform with IFRSs◎ Determine how to apply the IFRS 1“First-time Adoptionof International Financial Reporting Standards”Finance Division CompletedIFRS project team CompletedIFRS project team CompletedIFRS project team CompletedIFRS project team CompletedIFRS project team CompletedIFRS project team Completed(Continued)