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Korean Standards of Actuarial Practice(KSAPs)

KSAP 3(Employee Benefits)

Enactment Date
2015-09-24
Latest Amendment Date
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■ Topic: Actuarial Practice Standards - Employee Benefits (IAS 19, Employee Benefits)

■ Purpose of enactment: To provide guidance to actuaries performing actuarial services related to K-IFRS No. 1019 and to increase trust in:

○ Actuarial services are professional, consistent with K-IFRS No. 1019, and are performed taking into account the accounting policies of the reporting company.
○ The results meet the user's needs and are presented and completed in a clear and easy-to-understand manner.
○ Assumptions and methodologies (including models and modeling techniques) used are appropriately disclosed.

■ Main contents

(1) General: Purpose, scope, effective date, etc.
(2) Appropriate Practices: Constructive obligations, classification of employee salary systems, actuarial assumptions, asset recognition upper limit, etc.
(3) Communication: General principles, report disclosure, etc.

[IAK] Korean Standards of Actuarial Practice 3.pdf

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