Financial Supervisory Service and Korea Accounting Standards Board Share IFRS17 Experience with Asian Countries

Financial Supervisory Service building in Yeouido, Seoul. Photo by Younghan Heo younghan@

The Financial Supervisory Service (FSS) and the Korean Accounting Standards Board (KASB) will share their experiences in implementing the new international insurance accounting standard IFRS 17 with Asian countries planning to adopt it.

The FSS announced on the 27th that it, along with the KASB, has been invited to a seminar discussing IFRS 17 adoption cases, jointly hosted by the Asian-Oceanian Standard-Setters Group (AOSSG) and the Nepal Accounting Standards Board.

At the seminar, scheduled for the 1st and 2nd of next month, the two organizations will disseminate South Korea’s IFRS 17 implementation experience to Asian regions including Nepal, which are preparing to implement IFRS 17.

The FSS will explain key changes from the perspective of insurance supervisory accounting principles (SAP) during the IFRS 17 transition, as well as practical guidelines for accounting treatment at the transition point.

SAP is the accounting information preparation standard submitted to insurance supervisory authorities to achieve supervisory objectives such as enhancing the financial soundness of insurance companies and protecting policyholders.

The KASB will present on major accounting policies and key accounting treatment issues related to IFRS 17 application for Korean insurance companies from the perspective of general accounting principles (GAAP).

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