Bangkok, Office of the OIC - Insurance Sector Prepare to support Financial Reporting Standards No. 17 "Insurance Contracts (TFRS 17" effective in 2025, hoping to raise the level of insurance. Facilitate fundraising abroad According to the Federation of Accounting Professions under royal patronage International financial reporting standards have been fully adopted. So that Thailand will be classified as a country that adopts IFRS (IFRS adoption Country) in order to raise Thailand's financial reporting standards to be on par with international financial reporting standards. and makes the preparation of financial statements of the business in the public interest. Can be compared with businesses abroad. and convenient for raising funds abroad Life insurance companies and general insurance companies are considered public interest entities. Therefore, it is necessary to fully comply with financial reporting standards. By the Federation of Accounting Professions under royal patronage It is an agency with the autho rity to set financial reporting standards in Thailand. Announcement of Financial Reporting Standards No. 17 on Insurance Contracts (TFRS 17) published in the Royal Gazette on 19 August 2022, scheduled to be effective from 2025 onwards, replacing Financial Reporting Standards No. 4 on Insurance Contracts. that is currently in effect There has been a dramatic change in the format of financial reports from the original. and requires in-depth technical understanding Including affecting the operations of insurance companies in many parts, such as personnel, work systems, accounting methods Profit and loss recognition format The Office of the OIC has therefore integrated cooperation with the insurance business sector. Prepare to support changes in various financial reporting standards that have a continuous impact on the insurance business. In 2024, it is the year that the OIC focuses on developing various infrastructures, whether it be system development. Information from the OIC Office to support the submission of new financial statements. Including pushing for the development of insurance companies' work systems to be ready to comply with TFRS 17 as scheduled. which has specified activities for insurance companies to trial the submission of financial statements and report on financial status and business in parallel (Parallel run) within August 2024 in order to rehearse and prepare insurance companies before TFRS 17 comes into force in 2025, including scheduling activities to inspect the budget preparation process. parallel finance By November 2024 to be used as a starting point for monitoring and controlling the quality of the insurance company's financial statement preparation process. Source: Thai News Agency