Amendments to the Regulations Governing the Preparation of Financial Reports by Insurance Enterprises
2018-06-30
In line with the adoption of International Financial Reporting Standards No. 16 “Leases” (IFRS 16) in 2019, the FSC announced partial amendments to the aforementioned regulations on July 30, 2018 to enhance the transparency of financial information. The amendments include addition of accounting items including “right-of-use asset” and “lease liability” and stipulation that information relevant to leases should be disclosed in line with the requirements of IFRS 16. Besides, the amendments take into account external suggestions and regulatory needs, adjust related appendices to employee benefits expenses.
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Update:
2019-06-24