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Ind AS 117 Insurance Contracts - What it means to Indian insurers

Ind AS 117 Insurance Contracts

To enhance transparency in financial statements prepared by the insurers in India, The Institute of Chartered Accountants of India (ICAI) issued an Exposure Draft (ED) on Indian Accounting Standard (Ind AS) 117, Insurance Contracts, which is consistent with IFRS 17. Through this publication, we aim to highlight the nuances of the new insurance standard for life, general and reinsurance companies.

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International Accounting Standards Board (IASB) issued International Financial Reporting Standard (IFRS) 17: Insurance Contracts in May 2017. This is a significant change for insurers across the globe, following prolonged discussions and debates, and heralds an end to the lack of comparability between the financial positions and performance of insurers in different jurisdictions and with companies in other industries. The new standard is expected to significantly enhance comparability and transparency in reporting by insurers. Keeping in mind the same objective of enhanced transparency in financial statements prepared by the insurers in India, The Institute of Chartered Accountants of India (ICAI) issued an Exposure Draft (ED) on Indian Accounting Standard (Ind AS) 117, Insurance Contracts, which is consistent with IFRS 17. Considering the recent trend of listing and consolidation within the insurance sector in India, the implementation of Ind AS 117 is expected to be a major change programme that would be closely monitored by stock exchanges, investors and regulators. The IRDAI has formed a working committee to examine the provisions of IFRS 17 and the committee is expected to review the impacts by 30 June 2018. Through this publication, we aim to highlight the nuances of the new insurance standard for life, general and reinsurance companies.

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