Park Jung-hyuk, a chief at Samsung Life Insurance, was elected to the 15-member Transitional Resource Group (TRG) which was set up by the International Accounting Standards Board (IASB) to give them International Financial Reporting Standard 17 (IFRS17) work.
According to the Korea Accounting Institute (KAI) on September 22, the IASB held a board of directors meeting on the previous day and selected a total of 15 TRG members -- nine including Park from insurance companies and six from accounting firms from around the world. Park is an invited research fellow at the KAI and served as leader of the Insurance Working Group at the Asian-Oceanian Standard-Setters Group (AOSSG).
The TRG is a body that discusses the interpretation of the IFRS 17 by the IASB. The IFRS 17 which focuses on the assessment of insurance liabilities’ current prices will come into effect beginning in 2021.
In the election, in Asia, four persons including Park, those of China Life of China and AIA of Hong Kong were picked and in Europe, those of Germany’s Allianz, the UK’s Aviva Life, France’s Axa and Italy's Generali. Park is the only Korean member.
"There were three people to be selected in Asia. It is a rare feat that a Korean was selected as a member, outclassing Japanese candidates," said an official in the Korean insurance industry. "We will actively support Park in contributing to the application of the new accounting standard at the TRG."