Among other things, the panel will recommend steps as may be taken towards effective implementation of Ind AS/IFRS along with phase-wise timelines, recommendations on key interpretations (best practices) while implementing, Ind AS/IFRSc,recommendation on proforma financial statement to be made effective on half yearly basis effective 30th September, 2022,
Hyderabad:
Insurance reglulator IRDAI has constituted an expert committee under the chairmanship Mamta Suri, executive director, IRDAI on Implementation of Ind AS/ IFRS in the Indian insurance sector.
The IRDAI has been working on implementation of Ind AS in the insurance sector including new standard on insurance contracts in India which is equivalent of IFRS 17 (Insurance Contracts) promulgated by the International Accounting Standards Board (IASB).
Considering the operational complexities and concerns involved in the implementation of Ind AS/ IFRS, the Authority has decided to create Expert Committee involving Institute of Chartered Accountants of India (ICAI), Institute of Actuaries of India (IAI) and Insurance industry to address implementation issues of Ind AS/ IFRS in insurance sector, said the IRDAI on Monday.
The terms of Reference committee are-
Steps as may be taken towards effective implementation of Ind AS/IFRS along with phase-wise timelines, recommendations on key interpretations (best practices) while implementing, Ind AS/IFRSc,rRecommendation on proforma financial statement to be made effective on half yearly basis effective 30th September, 2022, recommendation on financial disclosures in compliance with Ind AS/IFRS along with those which can be mandated with immediate effect, requirements of guidance notes, APS and education material from respective professional institute, addressing any key issues and concerns arising out of transition activitiesg. any other issue as may be considered necessary for effective implementation of Ind AS/IFRS.
Some of the memembers of the panel are-Subhendu Bal, President, IAI, Kunj Maheshwari, WTW, Philip Jackson, Milliman,. Prasun Sarkar, ICICI LombardMr. Ashish Ranjan, Kotak Life,. Rajiv Mukherjee, ICICI Prudential, Vikash Sharma, GIC Re- Life,Mr. Garth Jones, Member, IASB