The government will soon notify a new accounting standard for insurance contracts, which would align Indian norms with international practices and help global investors better gauge the risk exposure of domestic insurers, a senior official said.
The ministry of corporate affairs (MCA) has received recommendations by the National Financial Reporting Authority (NFRA) on the Indian Accounting Standard (Ind AS) 117 for insurance contracts, he told. “The NFRA’s suggestions are being evaluated. The standards will soon be notified under the Companies (Indian Accounting Standards) Rules 2015,” he added.
Source:
Economic Times
