NFRA examines proposals on new standard for accounting of insurance contracts viz. Ind AS 117

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The National Financial Reporting Authority (NFRA) held a meeting to examine the proposals received from the Institute of Chartered Accountants of India (ICAI), as required u/s 133 of the Companies Act, 2013), regarding a new Standard (Ind AS) for accounting of insurance contracts viz. Ind AS 117, here yesterday. The meeting was attended by the Executive Body of NFRA and Part time-members of the Authority from MCA, CAG, ICAI and the accountancy profession.

NFRA will share its recommendations to Ministry of Corporate Affairs, after which Ind AS 117 has to be considered and notified by the Central Government under Companies (Indian Accounting Standards) Rules 2015. When notified, it will replace currently notified Ind AS 104, Insurance Contracts.

IFRS 17 ( IFRS stands for International Financial Reporting Standard ), originally issued by the International Accounting Standards Board (IASB), in May 2017, is a complete overhaul of the accounting for the Insurance Industry. Globally, it has become effective from 1st January 2023.

IFRS 17 is specifically designed to capture the unique features of the insurance and investment contracts of the Insurance Entities. 

IASB’s factsheet of 2017 says with $13 trillion in assets, insurers account for 12 per cent of the total assets of listed companies that use IFRS Standards. 

IFRS standard has been adopted in 140 countries. Accepting this standard is supposed to attract investment in the insurance sector which is required for greatr penetration. 

About IFRS:

The International Financial Reporting Standards Foundation or IFRS Foundation (sometimes IFRSF) is a nonprofit organization that oversees financial reporting standard-setting. Its main objectives include the development and promotion of the International Financial Reporting Standards (IFRS), through the International Accounting Standards Board (IASB) for accounting standards and the International Sustainability Standards Board for sustainability-related standards (the latter known as IFRS-S).

The IFRS Foundation states that its mission is to develop IFRS Standards that bring transparency, accountability and efficiency to financial markets around the world, and that their work serves the public interest by fostering trust, growth and long-term financial stability in the global economy.

The foundation is governed by a group of 22 trustees, themselves under the oversight of a "Monitoring Board" of public authorities.

PIB

About IFRS

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