Insurers call for delay in new accounting standards' implementation

Posted On: Apr. 17, 2019 6:10 AM CST

South Korean insurers are calling for a one-year delay in the introduction of new global accounting standards which are set to be introduced in 2022, The Korea Times reported. The new standards – dubbed IFRS 17 – require insurers to increase their cash reserves measure insurance liabilities by market value and not by book value.