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India to adopt IFRS 17, proposes slightly earlier application date

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13 Feb 2018

The Accounting Standards Board of the Institute of Chartered Accountants of India (ICAI) has published ED/Ind AS/2018/03 'Insurance Contracts'. Changes in comparision to IFRS 17 'Insurance Contracts' are few.

In an appendix, the ED lists these two changes in comparison to IFRS 17:

Comparison with IFRS 17, Insurance Contracts

  1. IFRS 17, Insurance Contracts, is applicable globally with effect from 1st January 2021. However, in India, it has been decided to implement Ind AS with effect from 1st April 2020 . In case of insurance companies, early application of the said standard will be permitted for consolidation purposes only.
  2. Paragraph 7(b) of IFRS 17 mentions that this standard shall not be applicable to retirement benefit obligations reported by defined benefit retirement plans and reference to IAS 26, Accounting and Reporting by Retirement Benefit Plans, has been made. Though this scope exclusion is retained but reference to IAS 26 has been omitted in Ind AS 117 considering Ind AS corresponding to IAS 26 has not been notified in India.

Please click to access the ED on the ICAI website. Comments are requested by 31 March 2018.

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