Korea to adopt IFRS 17

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06 Jun 2018

The Korea Accounting Standards Board (KASB) has issued an announcement that it will issue a new insurance contract standard, K-IFRS 1117 'Insurance Contracts', which will be a Korean translation of IFRS 17 as issued by the IASB.

K-IFRS 1117 will be subsequently submitted to the Financial Services Commission (FSC) for endorsement; and will then be implemented in Korea starting from 1 January 2021. 

The KASB and FSC plan to provide continuous support towards successful implementation of the new standard in practice.

Please see the full announcement on the KASB website.

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