India preparing for adoption of IFRS 17 equivalent
19 Feb 2024
In preparation for the adoption of Ind AS 117, the equivalent to IFRS 17 'Insurance Contracts', the Insurance Regulatory and Development Authority of India (IRDAI) has announced the reconstitution of its expert committee dedicated to the implementation of Indian Accounting Standards (Ind AS) and International Financial Reporting Standards (IFRS).
At the heart of this committee's responsibilities are:
- the development of phase-wise timelines that are both ambitious and attainable;
- crafting recommendations for proforma financial statements and financial disclosures; and
- addressing concerns arising from transition activities.
For additional information, please see the announcement on the IRDAI website.
