Key Points
The government will soon notify a new accounting standard for insurance contracts, which would align Indian norms with international practices and help global investors better gauge the risk exposure of domestic insurers, a senior official said...
The ministry of corporate affairs (MCA) has received recommendations by the National Financial Reporting Authority (NFRA) on the Indian Accounting Standard (Ind AS) 117 for insurance contracts, he told ET...
The standards will soon be notified under the Companies (Indian Accounting Standards) Rules 2015," he added...
The new standards, modelled on the IFRS 17 issued by the International Accounting Standard Board, will help draw foreign direct investment (FDI) into the insurance sector and also deepen insurance penetration in the country..
The NFRA held extensive consultations with the Insurance Regulatory Development Authority of India and other stakeholders, including companies and the Institute of Chartered Accountants of India, before firming up the recommendations...
