Irda committee to examine IFRS requirements

Insurance Regulatory and Development Authority (Irda) has constituted a 10-member committee to examine the requirements of International Financial Reporting Standards (IFRS).

The committee, headed by R Kannan, member (actuary), Irda, will go into the current availability of various requirements including accounting standards, identify gaps and suggest various measures required to fill the gaps so that the industry can move towards IFRS compliance by 2011. It shall submit the report by March 31, 2009, according a IRDA press release.