Insurance Advisory Panel
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HKFRS 17 Insurance Contracts represents a fundamental change to existing practice for most entities issuing insurance contracts. In view of the magnitude of the change, the Institute will support implementation of HKFRS 17 through a variety of activities—including establishing a Insurance Advisory Panel1.
The objectives of the Insurance Advisory Panel are to:
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solicit, analyse, and discuss stakeholder questions raised regarding implementation of HKFRS 17;
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provide a forum for stakeholders to follow the discussion of questions raised; |
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identify implementation issues which need to be brought to the attention of the IASB's Transition Resource Group on IFRS 17 Insurance Contracts; |
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identify areas of focus for educational activities; and |
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provide recommendations for the Institute's Financial Reporting Standards Committee (FRSC) to consider, which may include submitting a question to the IFRS Interpretations Committee or writing to the IASB. |
The Insurance Advisory Panel will have no authority—no decisions, interpretation or guidance will be issued by the Insurance Advisory Panel.
How to submit a question
Questions may be submitted by those implementing the new standard. The questions must meet the following criteria:
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must be focussed on, or arise from, implementing HKFRS 17; and
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may result in possible diversity in practice—any question submitted should include a detailed description of the possible ways in which HKFRS/IFRS 17 could be applied.
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Once you have determined your question meets the criteria for submission, please complete the submission form (PDF / Word) and email it to insurance@hkicpa.org.hk Your question must include the following details:
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what the question is |
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background to the question; and |
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why it is being asked (for example, does the question arise because: it is unclear how to apply a specific requirement in the standard; there is an inconsistency within the standard or with other HKFRS standards; or the requirements of the standard is impracticable, etc.) |
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Incomplete or irrelevant submissions may not be noted nor discussed at Insurance Advisory Panel meetings.
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Submissions should be received at least 3 weeks prior to the Insurance Advisory Panel meeting.
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1 Formerly known as Hong Kong Insurance Implementation Support Group.
