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.
Keywords: Asia Pacific, Hong Kong, Insurance, Readiness Assessment Survey, HKFRS 17, Insurance Contracts, IFRS 17, IASB, IA
Previous ArticleMAS Announces Establishment of Culture and Conduct Steering Group
The Hong Kong Monetary Authority (HKMA) revised the Supervisory Policy Manual module CG-5 that sets out guidelines on a sound remuneration system for authorized institutions.
The European Banking Authority (EBA) published the final guidelines on the monitoring of the threshold and other procedural aspects on the establishment of intermediate parent undertakings in European Union (EU), as laid down in the Capital Requirements Directive (CRD).
In a recent Market Notice, the Bank of England (BoE) confirmed that green gilts will have equivalent eligibility to existing gilts in its market operations.
The Financial Conduct Authority (FCA) published the policy statement PS21/9 on implementation of the Investment Firms Prudential Regime.
The European Banking Authority (EBA) proposed regulatory technical standards that set out criteria for identifying shadow banking entities for the purpose of reporting large exposures.
The Board of the International Organization of Securities Commissions (IOSCO) proposed a set of recommendations on the environmental, social, and governance (ESG) ratings and data providers.
The European Securities and Markets Authority (ESMA) published recommendations from the Working Group on Euro Risk-Free Rates (RFR) on the switch to risk-free rates in the interdealer market.
The European Central Bank (ECB) published a paper as well as an article in the July Macroprudential Bulletin, both of which offer insights on the assessment of the impact of Basel III finalization package on the euro area.
The International Swaps and Derivatives Association (ISDA) published a paper that explores the impact of the Fundamental Review of the Trading Book (FRTB) on the trading of carbon certificates.
The Prudential Regulation Authority (PRA) published the remuneration policy self-assessment templates and tables on strengthening accountability.