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

The Financial Supervisory Service (FSS) and the Korea Accounting Standards Board (KASB) announced on the 28th that they will attend the seminar on "Discussion of New International Financial Reporting Standards (IFRS 17) Implementation Cases," jointly hosted by the Asian-Oceanian Standard-Setters Group (AOSSG) and the Nepal Accounting Standards Board, to share their implementation experiences.

AOSSG is a group of accounting standard-setting organizations from Asia and Oceania, with Korea participating as a member through the Korea Accounting Standards Board (KASB).

The seminar, held from the 1st to the 2nd of next month, will share Korea's implementation cases with Asian countries including Nepal, which are preparing to implement IFRS 17. The purpose is to enhance the accounting processing capabilities of practitioners in the region and support the smooth adoption of IFRS 17.

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

The FSS and KASB plan to explain Korea's accounting treatment issues related to IFRS 17 implementation and changes in insurance supervisory systems to Nepal's insurance supervisory authorities and insurance companies over the two-day seminar.

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

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

Through this seminar and others, the FSS and KASB plan to utilize Korea's institutional infrastructure, which has adopted IFRS 17, as a standard model for Asian countries planning to implement the standard.

An FSS official stated, "We will actively share Korea's institutional improvements and key issues related to IFRS 17 implementation upon requests from countries planning to adopt IFRS 17, such as Pakistan, Thailand, and Indonesia."