Hanoi Reinsurance Joint Stock Corporation (Hanoi Re) has just conducted an in-depth internal training session on International Financial Reporting Standard IFRS 17 for its board of directors and management level. This initiative demonstrates Hanoi Re’s strong commitment to enhancing transparency and professionalism in corporate financial management.

The training was led by Mr. Ngo Thanh Hai – Chief Accountant of Hanoi Re, who brings extensive experience in insurance accounting and deep understanding of international financial reporting standards. The session was attended by all members of the board of directors and heads of departments.

IFRS 17 is the latest international financial reporting standard for insurance contracts, issued by the International Accounting Standards Board (IASB). The implementation of IFRS 17 marks a significant step in the integration of Vietnam’s insurance industry with the international market.

With strong support from its strategic shareholder PVI Holdings, Hanoi Re has been progressively implementing IFRS standards in its accounting and financial reporting practices. The organization of internal training on IFRS 17 not only helps the leadership team grasp fundamental concepts but also establishes a solid foundation for future strategic decision-making.

Mr. Ngo Thanh Hai shared: “IFRS 17 sets new requirements for the recognition, measurement, and presentation of insurance contracts. Understanding and properly applying this standard will help Hanoi Re improve the quality of financial information and increase comparability with international insurance companies, thereby attracting more potential investors.”

The training focused on key contents including: basic principles of IFRS 17, insurance contract assessment models, methods of revenue and cost recognition, as well as requirements for financial statement presentation and disclosure. Notably, participants engaged in discussions of practical scenarios and shared implementation experiences.

As one of Vietnam’s dynamic reinsurance companies, Hanoi Re consistently emphasizes improving corporate governance capabilities according to international standards. The IFRS 17 training for the leadership team demonstrates this commitment while reflecting the company’s long-term vision in building a strong and transparent financial management foundation.

In the coming time, Hanoi Re will continue to organize advanced training courses on IFRS 17 for other staff levels, ensuring the entire team is equipped with comprehensive knowledge to successfully implement the transition to this international financial reporting standard.