The Insurance Regulatory and Development Authority of India (Irdai) on Wednesday said that it has constituted a joint expert group on Ind AS, chaired by the member (finance and investment) of Irdai. The group shall remain in force for a period of two years from the date of constitution.
Other members of the group include Amit Kumar Jain, chief general manager, NFRA; Rajesh Kumar Dangeti, chief general manager, SEBI; CA (Dr) Sanjeev Kumar Singhal, chairman, Accounting Standards Board, ICAI; CA Vishal Doshi, vice-chairman, Accounting Standards Board, ICAI; Anurag Rastogi, vice-president, IAI; Asha Murali, honorary secretary, IAI; and the head of department (finance and investment), Irdai (member-convener).
The aim of the group is to provide implementation support, including recommendations to address transition issues. It will recommend the scope and approach for independent validation of processes adopted and provide clarity on audit requirements, including the involvement of actuaries. It will also recommend the role of the appointed actuary in the preparation of Ind AS financial statements.
It is also tasked with recommending revisions, if any, to Ind AS financial statement formats and disclosures to enhance clarity, while considering developments in Ind AS. The group will also examine and address any other issues relevant to facilitating the implementation of Ind AS.
Irdai on Monday issued final regulations for the transition to Indian Accounting Standards (Ind AS), effective April 1, 2026. Under the norms, the regulator has allowed a one-year forbearance for insurers that are unable to prepare and present financial statements in compliance with the new standards. At present, Indian insurers follow the Indian Generally Accepted Accounting Principles (IGAAP) framework.
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