TAIPEI (Reuters) - Taiwan's top financial regulator on Thursday said it would implement International Financial Reporting Standards (IFRS) in 2013 to help local companies meet globally accepted accounting rules.

The move is aimed at bringing accounting regulations for companies listed in Taiwan in line with global standards and helping them reduce their fund-raising cost overseas, according to a statement by the Financial Supervisory Commission.

The new rules are part of the island's efforts to make its capital markets more attractive to foreign investors and more competitive than regional peers.

Earlier this year, the commission said it implemented a new accounting rule, known in Taiwan as accounting standard No. 10, that would tighten the booking of inventories, despite pressure from the presidential office on concerns it would slash corporate earnings in the global economic slowdown.