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Samsung Life Insurance headquarters in Seoul, South Korea. |
[Alpha Biz= Paul Lee] SEOUL, South Korea – October 22, 2025 – The Korea Accounting Standards Board (KASB) has officially denied reports that the IFRS Interpretations Committee (IFRIC) has launched an investigation into Samsung Life Insurance’s accounting practices.
In a statement, the KASB clarified that “the IFRS Interpretations Committee does not conduct investigations into the appropriateness of accounting treatments by individual companies.” Therefore, any report claiming that the committee is investigating Samsung Life’s accounting treatment is “not true.”
However, the KASB confirmed that it submitted an inquiry to the IFRS Interpretations Committee at the end of September 2025 regarding the application of the “Departure” clause under IAS 1 (Presentation of Financial Statements). The inquiry sought clarification on whether an entity may apply the departure provision without meeting the “fair presentation and conceptual framework compliance” requirements.
The board emphasized that this inquiry was general in nature, intended to clarify international accounting standards amid ongoing domestic debate over “departure accounting” by local life insurers, and does not reference any specific company, industry, or country.
The IFRS Interpretations Committee is currently collecting comments from global regulators, standard-setters, and accounting firms through October 27, 2025, and is expected to reach a tentative conclusion by late November.
“While we hold our own interpretation of IAS 1 paragraphs 15 and 19, this has nothing to do with alleging any accounting errors at Samsung Life or its affiliates,” the KASB stated.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
