IRDAI announces reconstitution of Expert Committee on implementation of Indian Accounting Standards

The Insurance Regulatory and Development Authority of India (IRDAI) announced the reconstitution of the Expert Committee on the implementation of the Indian Accounting Standards on Friday. According to agency press release, the 13-member committee, which will be headed by the Member (Finance and Investment) F&I of IRDAI, will also include the Chairman of the Accounting Standards Board of ICAI, the President of the Institute of Actuaries of India, the CGM & HOD of IRDAI’s Actuarial Department, among others.

It said that the committee will work on steps that may be taken towards the effective implementation of the Indian Accounting Standards, along with giving phase-wise time-lines. It added that the panel members will also give recommendations on proforma financial statements, suggestions on financial disclosures in compliance with the Indian Accounting Standards, along with those which can be mandated with immediate effect.

According to the release, the committee will also address the requirements of guidance notes, APS, and Education Material from respective professional institutes. It further stated that the panel will also address any key issues and concerns arising out of transition activities and also any other issue which may be necessary for the transition.