Irdai reconstitutes expert committee for Ind AS/IFRS implementation

The Insurance Regulatory and Development Authority of India (Irdai) on Friday announced the reconstitution of the Expert Committee on the implementation of Ind AS/IFRS.

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 (ASB) of ICAI, the President of the Institute of Actuaries of India (IAI), the CGM & HOD of IRDAI’s Actuarial Department, among others.

The team will work on steps that may be taken towards the effective implementation of Ind AS/IFRS, along with giving phase-wise timelines. They will also give recommendations on proforma financial statements, suggestions on financial disclosures in compliance with Ind AS/IFRS, along with those which can be mandated with immediate effect.

The committee will also address the requirements of guidance notes, APS, and Education Material from respective professional institutes. It 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.

In December 2023, speaking at an event organized by the National Insurance Academy (NIA), Debasish Panda, Chairman of IRDAI, said, “Dedicated mission board teams are working at full throttle in this direction, and we are expecting that we should be able to transition to the (Risk Based Capital) RBC regime as well as converge to the (International Financial Reporting Standards) IFRS by 2025.”