Rajay Kumar Sinha member, Finance & Investments
Indian Accounting Standards (Ind AS) is getting implemented from Apr 1
Hyderabad:In a bid to manage the technicalities for implementing Indian re/insurers to impement Indian Accounting Standards (Ind AS), which is getting implemented from Apr 1, the Indian Insurance regulator IRDAI has formed a joint expert group (JEG), on Wednesday, under the chairmanship of its member, Finance & Investments, Rajay Kumar Sinha, .
The government had notified the Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of Insurers),(Amendment) Regulations, 2026 issued on 30th March 2026.
The members of the committee are- Amit Kumar Jain, chief general manager, National Financial Reporting Authority (NFRA),Rajesh Kumar Dangeti, CGM, SEBI,Sanjeev Kumar Singhal, chairman, Accounting Standards Board, ICAI, chartered accountant Vishal Doshi, vice-chairman, Accounting Standards Board, The Institute of Chartered Accountants of India(ICAI),Asha Murali, honorary secretary, Institute of Actuaries of India(IAI),Anurag Rastogi, vice president, IAI.
The JEG will remain in force for a period of two years from the date of constitution.
The panel is manadated the following task:
-To provide implementation support, including recommendation to address
transition issues.
-To recommend the scope and approach for independent validation of process
adopted and provide clarity on audit requirements, including involvement of
actuaries.
-To recommend the role of the Appointed Actuary in preparation of Ind AS
financial statements.
-To recommend revisions, if any, to Ind AS financial statement formats and
disclosures to enhance clarity, while also considering developments in Ind AS.
-To examine and address any other issues relevant to facilitating the
implementation of Ind AS.