■ Topic: IFRS17 Insurance Contract / Guidelines to be followed when performing actuarial work related to IFRS17
■ Purpose of establishment: To provide guidelines to actuaries performing actuarial services to give users confidence in the following matters
○ Actuarial services are performed professionally and with significant attention.
○ 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, relationship with IFRS, etc.
(2) Appropriate Practices: Proportionality principle, recognition of insurance contracts, PAA, VFA, financial statement disclosure, etc.
(3) Communication: General principles, report disclosure, etc.
■ Purpose of establishment: To provide guidelines to actuaries performing actuarial services to give users confidence in the following matters
○ Actuarial services are performed professionally and with significant attention.
○ 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, relationship with IFRS, etc.
(2) Appropriate Practices: Proportionality principle, recognition of insurance contracts, PAA, VFA, financial statement disclosure, etc.
(3) Communication: General principles, report disclosure, etc.
[IAK] Korean Standards of Actuarial Practice 4.pdf
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