News China25 Dec 2020

Revised accounting standards for insurance contracts to take effect for listed insurers from 1 Jan 2023

| 25 Dec 2020

The Ministry of Finance has issued a notice on the revision and issuance of the "Accounting Standard for Business Enterprises No. 25 -- Insurance Contracts", requiring insurance companies that are listed simultaneously at home and abroad as well as those that are listed overseas that adopt International Financial Reporting Standards (IFRS) or China's Accounting Standards for Business Enterprises (ASBEs) in their financial statements to comply with the notice by 1 January 2023.

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