Daily Times

The Institute of Chartered Accountants of Pakistan (ICAP) held a seminar in collaboration with the Asian Oceanian Standard Setters Group, on IFRS 17 implementation in Karachi on April 23, 2024. Commissioner of Insurance, Aamir Khan while delivering the keynote 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, said a press release issued here on Wednesday. Emphasizing the importance of meeting the adoption timeline of IFRS-17 (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 a 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.