[The 16th Emerging Economies Group Meeting]

The KASB hosted the 16th Emerging Economies Group (EEG) Meeting in Seoul on 29-31 October 2018.

Around 30 participants attended the meeting including three Members of the International Accounting Standards Board (IASB): Amaro Gomes (Brazil), Darrel Scott (South Africa), and Chungwoo Suh (Korea), and representatives from 8 EEG Member jurisdictions of Korea, China, India, Russia, Brazil, Malaysia, South Africa and Saudi Arabia. 

The participants had in-depth discussions and shared experiences on the issues of financial instruments with characteristics of equity, goodwill and impairment, implementation of IFRS 9 Financial Instruments, IFRS for SMEs, and extractive activities.

The 17th EEG meeting will be held in Argentina in March 2019.

[Workshop on implementation of IFRS 17]

The KASB, jointly with the Korea Life Insurance Association and General Insurance Association of Korea, held a Workshop on implementation of IFRS 17 Insurance Contracts on 31 October 2018 and invited Members of the IASB to the event. 

IASB Member Darrel Scott (South Africa) presented on the result of the Transition Resource Group (TRG) discussion for IFRS 17, and together with IASB Members Amaro Gomes (Brazil) and Chungwoo Suh (Korea) as well as stakeholders from the insurance industry, discussed implementation issues of IFRS 17 identified in Korean practice. Issues were raised and views were shared on topics such as: whether to assess insurance contracts held at the transition date; accounting treatment for experience adjustment arising from insurance acquisition cash flows; application of weighted-average discount rates for groups of insurance contracts; and accounting treatments for reinsurance contracts. 

The presentation materials, details of the implementation issues discussed at the workshop and outcome of the discussion will be made public on the KASB website. 

END

About the EEG
The Emerging Economies Group (EEG) was created as an advisory group in 2011 at the direction of the IFRS Foundation Trustees, as part of the effort to address accounting issues unique to emerging economies in depth. The group members include 12 jurisdictions, including Korea, China, India, Russia, Brazil and Indonesia, and generally holds two meetings each year.  

About the KASB
The KASB is an independent private organization established on 1 September 1999 with the mission to set and revise accounting standards in Korea. The Board is committed to enhancing the quality of financial reporting by providing high quality accounting standards that are on a par with internationally accepted accounting standards. The KASB consists of 9 board members (2 of whom are full-time) who are professionals from the private sector.

About the KAI
The Korea Accounting Institute (KAI) was established as an umbrella organization of the KASB.