The Korea Accounting Standards Board (KASB, Chair: Eui-Hyung Kim) agreed on 25 May 2018 to issue a new insurance contract standard, K-IFRS 1117 Insurance Contracts, the 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 upon the endorsement, K-IFRS 1117 will 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, in cooperation with other related organisations including Korea Life Insurance Association and General Insurance Association of Korea.
Furthermore, the KASB and FSC will keep monitoring the preparation process of the Korean insurance industry as well as the implementation situations of other IFRS adopters around the world in order to better support the implementation of K-IFRS 1117 in Korea.
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 7 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.