IAN100(Application of IFRS17) Translated Version
- Enactment Date
- 2022-03-02
- Latest Amendment Date
[Preface]
In 2023, with the implementation of the International Financial Reporting Standard (IFRS) 17, the insurance industry is making significant efforts, including the establishment of new systems and the deployment of numerous specialized personnel, for the successful introduction of this new regulation.
In this regard, the IAA has been continuously collaborating with the IASB by signing a MOU to develop high-quality IFRS.
As part of this collaboration, the IAA has provided expert opinions from the actuarial sector during the IASB's process of formulating IFRS 17. Reflecting the IASB's opinions, the IAA established the ISAP 4 in November 2019. ISAP 4 includes requirements for preparing financial statements under IFRS 17 and has been distributed to member countries. The IAA encourages actuarial societies in countries adopting IFRS 17 to voluntarily establish their own actuarial practice standards based on ISAP 4.
In line with this, the IAK has adopted ISAP 4 (IFRS 17 Insurance Contracts) as the KSAP No. 4 (IFRS 17 Insurance Contracts) to ensure international consistency in actuarial practices related to IFRS 17.
Additionally, the IAA, besides ISAP 4, has presented the IAN 100 (Application of IFRS 17) in August 2021. IAN 100 aims to support the expansion of actuarial roles and enhance expertise in response to the implementation of IFRS 17.
As a result, the IAK is providing a translated version of IAN 100 to assist in strengthening actuarial capabilities and facilitating discussions and reviews related to actuarial practices under IFRS 17. We hope that our members will make good use of this material for the enhancement of expertise in the context of IFRS 17.
Finally, sincere thanks to Professor Im Changwon, Professor Yoo Jonghwan, Executive Jang Sunggeun, Executive Lee Haenggeun, and KSAP T/F members who dedicated considerable time amid their busy schedules for the publication of this translated document.
March 2022
President of the Institute of Actuaries of Korea
※ IAN 100 is not a legal or practical standard and is intended for educational purposes to assist members in preparing for and understanding the application of IFRS 17. It does not impose compliance obligations. Additionally, some translated content may not faithfully reflect the intentions of the International Actuarial Association, so it is essential to refer to the original text. Members wishing to propose corrections to the translation may contact ifrs17@actuary.or.kr.
In 2023, with the implementation of the International Financial Reporting Standard (IFRS) 17, the insurance industry is making significant efforts, including the establishment of new systems and the deployment of numerous specialized personnel, for the successful introduction of this new regulation.
In this regard, the IAA has been continuously collaborating with the IASB by signing a MOU to develop high-quality IFRS.
As part of this collaboration, the IAA has provided expert opinions from the actuarial sector during the IASB's process of formulating IFRS 17. Reflecting the IASB's opinions, the IAA established the ISAP 4 in November 2019. ISAP 4 includes requirements for preparing financial statements under IFRS 17 and has been distributed to member countries. The IAA encourages actuarial societies in countries adopting IFRS 17 to voluntarily establish their own actuarial practice standards based on ISAP 4.
In line with this, the IAK has adopted ISAP 4 (IFRS 17 Insurance Contracts) as the KSAP No. 4 (IFRS 17 Insurance Contracts) to ensure international consistency in actuarial practices related to IFRS 17.
Additionally, the IAA, besides ISAP 4, has presented the IAN 100 (Application of IFRS 17) in August 2021. IAN 100 aims to support the expansion of actuarial roles and enhance expertise in response to the implementation of IFRS 17.
As a result, the IAK is providing a translated version of IAN 100 to assist in strengthening actuarial capabilities and facilitating discussions and reviews related to actuarial practices under IFRS 17. We hope that our members will make good use of this material for the enhancement of expertise in the context of IFRS 17.
Finally, sincere thanks to Professor Im Changwon, Professor Yoo Jonghwan, Executive Jang Sunggeun, Executive Lee Haenggeun, and KSAP T/F members who dedicated considerable time amid their busy schedules for the publication of this translated document.
March 2022
President of the Institute of Actuaries of Korea
※ IAN 100 is not a legal or practical standard and is intended for educational purposes to assist members in preparing for and understanding the application of IFRS 17. It does not impose compliance obligations. Additionally, some translated content may not faithfully reflect the intentions of the International Actuarial Association, so it is essential to refer to the original text. Members wishing to propose corrections to the translation may contact ifrs17@actuary.or.kr.