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.

Read more on KASB website