Important
Notice

The Hong Kong Institute of Certified Public Accountants announced that from Wednesday 15 July 2020 until further notice, the closure of the library facilities and the adjustment of the services hours of the counter on the 27th floor from 11:00 a.m. to 3:00 p.m. from Monday to Friday, whilst counter services hours on Saturday remains unchanged (from 9:00 a.m. to 12:00 noon).


In addition, all face-to-face CPD courses and member events from 15 to 31 July will be cancelled. We will closely monitor the situation to determine whether it is necessary to extend these measures. Arrangements for future events and refunds will be advised in due course.

 

Please click here to view the list of cancelled events.

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Hong Kong Insurance Implementation Support Group

 

 

 

                       

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 Hong Kong Insurance Implementation Support Group ("HKIISG").

 

The objectives of the HKIISG are to:

 

(a) 

solicit, analyse, and discuss stakeholder questions raised regarding implementation of HKFRS 17;

(b) provide a forum for stakeholders to follow the discussion of questions raised;
(c) identify implementation issues which need to be brought to the attention of the IASB's Transition Resource Group on IFRS 17 Insurance Contracts
(d) identify areas of focus for educational activities; and
(e) provide recommendations for the 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 HKIISG will have no authority—no decisions, interpretation or guidance will be issued by the HKIISG.

 

How to submit a question

 

Questions may be submitted by those implementing the new standard. The questions must meet the following criteria:

(a) 

must be focussed on, or arise from, implementing HKFRS 17; and

(b)

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.

Once you have determined your question meets the criteria for submission, please complete the submission form (PDF / Word) and email it to HKIISG@hkicpa.org.hk  Your question must include the following details: 

what the question is

background to the question; and

•       

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.)

  

Incomplete or irrelevant submissions may not be noted nor discussed at HKIISG meetings.

 

Submissions should be received at least 3 weeks prior to the HKIISG meeting.

 

 

 
 For reference:
 file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif

Australian TRG

 file/media/general/SMP-and-SME-Resource-Centre/901BTRIBe.gif Canadian TRG
 
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