Korea to adopt IFRS 17
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.
