By Jung Min-hee | Business Korea | March 9, 2023<\/p>\n
Insurance companies are supposed to submit their tenth preparedness assessment reports to the Financial Supervisory Service by this month regarding the Korea Insurance Capital Standard (K-ICS) based on IFRS 17 introduced this year.<\/p>\n
According to industry sources, major insurers are well prepared for the new accounting standards while those smaller still have difficulties in adaptation.<\/p>\n
\u201cIt seems that smaller insurers are also having difficulties in drawing up their Q1 reports to be announced in June,\u201d one of them said. They are supposed to make IFRS 17-based comparative financial statements public starting from late this month, which means their Q1 reports are supposed to show IFRS 17- and K-ICS-based data as of March this year along with data as of March last year.<\/p>\n
The new rules are applied to the latter as well. The Financial Supervisory Service put off the deadline from May to June in that the disclosure is the first under the new system. \u201cIt is problematic that some insurers are still underprepared even after the deadline adjustment and the nine assessment reports of each submitted so far,\u201d the source said.<\/p>\n","protected":false},"excerpt":{"rendered":"
By Jung Min-hee | Business Korea | March 9, 2023 Insurance companies are supposed to submit their tenth preparedness assessment reports to the Financial Supervisory Service by this month regarding the Korea Insurance Capital Standard (K-ICS) based on IFRS 17 introduced this year.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"off","neve_meta_content_width":70,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9,3],"tags":[],"class_list":["post-1168","post","type-post","status-publish","format-standard","hentry","category-korea","category-news"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts\/1168","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/comments?post=1168"}],"version-history":[{"count":1,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts\/1168\/revisions"}],"predecessor-version":[{"id":1169,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts\/1168\/revisions\/1169"}],"wp:attachment":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/media?parent=1168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/categories?post=1168"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/tags?post=1168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}