Aamir Khan Urges Timely IFRS 17 Implementation in Pakistan

The Institute of Chartered Accountants of Pakistan (ICAP) recently organized a seminar in collaboration with the Asian Oceanian Standard Setters Group to discuss the implementation of IFRS 17 in Karachi on April 23, 2024. The event saw the participation of key stakeholders from the insurance industry, including Commissioner of Insurance, Aamir Khan, who highlighted the significance of adopting international reporting standards to modernize Pakistan's insurance sector.

During his keynote address, Aamir Khan emphasized the urgent need to adhere to the adoption timeline of IFRS-17 by January 1, 2026. He warned that any delays in implementation could lead to Pakistan falling behind other international markets. Khan also pointed out that the implementation of IFRS-17 would place a substantial responsibility on all stakeholders, including the Securities and Exchange Commission of Pakistan (SECP) as a regulator.

Furthermore, the seminar featured insights from representatives of the Korean Accounting Standards Board, who shared their experiences with IFRS 17 implementation, focusing on various business segments such as Life Insurance, Non-Life Insurance, and Re-insurance Businesses.

In conclusion, the seminar underscored the critical importance of timely and effective implementation of IFRS 17 in Pakistan's insurance industry. The discussions highlighted the need for stakeholders to prepare for the upcoming changes and understand how the adoption of international reporting standards will impact decision-making processes within the sector.