IA of Hong Kong Launches Survey to Assess Readiness for HKFRS 17
IA of Hong Kong launched the second readiness assessment survey to understand the implementation activities of authorized insurers with respect to Hong Kong Financial Reporting Standard (HKFRS) 17 on insurance contracts. The survey collects information on status of readiness of an insurer, how an entity is going about the implementation of HKFRS 17, and the related technical implications. Completed surveys are requested to be submitted by August 30, 2019.
Earlier, in September 2018, IA had conducted a readiness assessment survey to understand the preparation status of authorized insurers and the challenges in implementing the standard. IA has received positive feedback on the initiative and observed progressive move of the industry in implementing HKFRS 17. Additionally, IASB, in June 2019, had published the exposure draft of proposed amendments to IFRS 17 to respond to concerns and challenges raised by stakeholders. The Hong Kong Institute of Certified Public Accountants (HKICPA) also conducted public consultation on these IASB proposals for comments by August 19, 2019.
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Keywords: Asia Pacific, Hong Kong, Insurance, Readiness Assessment Survey, HKFRS 17, Insurance Contracts, IFRS 17, IASB, IA
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