KARACHI: The Institute of Chartered Accountants of Pakistan (ICAP) held a seminar in collaboration with Asian Oceanian Standard Setters Group, on IFRS-17 implementation in Karachi.

Aamir Khan – Commissioner Insurance, while delivering the key note address apprised the participants that the adoption of international reporting standards and consequently modernizing Pakistan’s insurance industry would continue to remain a critical priority for SECP, as a regulator of the insurance sector.

Emphasizing on the importance of meeting of the adoption timeline of IFRS-17 i.e. January 1, 2026, he stressed that any further delay in its implementation would result in the Pakistani market greatly lagging behind the other international markets. He also informed that the implementation of IFRS-17, would put significant onus on all stakeholders and even on SECP as a regulator, and highlighted the need to familiarize as to how the implementation of IFRS-17 shall impact the decision-making

The representatives from the Korean Accounting Standards Board also participated and shared IFRS-17 implementation experience in their jurisdiction in particular reference to business segments of Life Insurance, Non-Life Insurance and Re-insurance Businesses. The seminar was also attended by various industry players, experts, consultants and personnel working in the policy department of SECP.

Copyright Business Recorder, 2024