Profile on China - Implications of IFRS 4 Insurance Contracts on the Chinese Insurance Market
Source: Asia Insurance Review | Oct 2006
IFRS 4 Insurance
Contracts were issued by the International Accounting Standards Board (IASB)
on 31 March 2004 as the first step in its project to achieve convergence of
widely varying accounting practices in insurance industries around the world.
With the mandatory application of IFRS 4 in many jurisdictions by 2005, China,
as one of the fastest-growing insurance markets in the world, would need to
consider the implications of this new accounting standard. Mr Raymond Li,
Principal of Actuarial Services with KPMG Hong Kong and Head of the actuarial
practice in Asia, examines the issue.
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