The National Financial Reporting Authority (NFRA) has discussed the ICAI proposals on a new Standard (Ind AS) for the accounting of insurance contracts.
The audit regulator received these proposals from the Institute of Chartered Accountants of India (ICAI).
NFRA will share its recommendations with the Ministry of Corporate Affairs (MCA), after which Ind AS 117 has to be considered and notified by the central government under the Companies (Indian Accounting Standards) rules 2015.
When notified, it will replace the current notified Ind AS 104, insurance contracts, according to an official release.
IFRS 17, originally issued by the International Accounting Standards Board (IASB), in May 2017, is a complete overhaul of the accounting for the insurance industry.
It is specifically designed to capture the unique features of the insurance and investment contracts of the insurance entities.
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"This standard will enable the Indian insurance industry to present globally comparable financial information, which augurs well for enhanced investment in the sector needed for increasing the insurance penetration in the country," Ajay Bhushan Prasad Pandey, Chairperson, NFRA, said.
Earlier, NFRA also held an outreach with members from the life insurance industry as part of its examination of the proposed new standard on insurance contracts in February 2023 in which IRDAI also participated, the release said.
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