||The announcement made by the Financial Supervisory Commission, Executive Yuan, R.O.C. for roadmap of the adopting International Financial Reporting Standards (hereafter “IFRS”) on May 14, 2009 was a major earthquake to all companies in Taiwan. The first wave of IFRS adoption will hit all listed companies and those companies in the financial services industry in 2013; and the second wave will hit the rest of the public companies in 2015. To most Taiwanese business entities, IFRS is a brand new accounting principle. They don’t have too many ideas on what IFRSs are, how different are IFRSs from Taiwan GAAP, how IFRS can be adopted, or the size of impact IFRSs will have once it is adopted? When facing all these unknown, the public companies in Taiwan, other than to follow the announcements from the regulatory authorities, can resort to no one but their independent auditors for further assistances.|
Over the past decade, the Big-4 accounting firms have devoted tremendous efforts in research and development activities on the adoption of IFRSs in accordance with the instructions of their global headquarters. Therefore, at the time when Taiwanese public companies are required to adopt IFRS in accordance with the roadmap, the service opportunities in Taiwan are monopolized by the Big-4 firms, leaving the medium and small practices in Taiwan a competitive disadvantage for entering the market because their resources are very limited. Therefore, it is the goal of this thesis to research and explore the strategies smaller firms may adopt, with limited resources on hand, to expand the service opportunities in the upcoming IFRS era.