Financial Supervisory Service and Korean Accounting Association Hold Joint Seminar on 'IFRS17' Insurance Accounting

The Financial Supervisory Service (FSS) announced on the 16th that it held a joint seminar on insurance accounting related to IFRS17 with the Korean Accounting Association.

The FSS hosted the seminar on the 2nd floor auditorium of the Financial Supervisory Service building. An FSS official explained, "Since the new insurance accounting standard (IFRS17) was implemented last year, consolidated financial statements have been prepared and disclosed for the first time. To analyze the initial application results and discuss policy directions for the advancement of insurance accounting, we held a joint insurance accounting seminar with the Korean Accounting Association."

The seminar was held under the theme "Analysis and Significance of IFRS17 Consolidated Results and Responses to Insurance Accounting Issues," featuring presentations, discussions, and Q&A sessions by experts from academia, accounting firms, and the insurance industry related to insurance accounting.

Experts from academia and the insurance industry, along with departments supervising insurance and accounting within the FSS, participated in the presentations and discussions. In Session 1, Professor Park Seong-jong from Hankyong National University and Executive Director Lee Junho from Samil Accounting Corporation presented "Analysis and Significance of the First IFRS17 Consolidated Application Results." In Session 2, Professor Han Seung-yeop from Ewha Womans University presented on "Risk Factors and Implications of No- and Low-Surrender Insurance Products."

In the following Session 3, Team Leader Park Suhong of the Insurance Risk Management Bureau at the FSS presented on "Changes in Profit Recognition Due to the Introduction of IFRS17." The final session, moderated by Professor Kim I-bae of Duksung Women’s University, featured comprehensive discussions and Q&A with Team Leader Jeong Joo-eun of the FSS Accounting Supervision Bureau, as well as experts from academia and the insurance industry for a more in-depth dialogue.