The National Financial Reporting Authority (NFRA) on Thursday said it is examining proposals from the Institute of Chartered Accountants of India (ICAI) on a new standard for the accounting of insurance contracts namely Ind AS 117.

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NFRA said it will share its recommendations to ministry of corporate affairs, after which Ind AS 117 has to be considered and notified by the central government under Companies (Indian Accounting Standards) Rules 2015.

When notified, it will replace currently notified Ind AS 104, Insurance Contracts, NFRA stated.

IFRS 17, originally issued by the International Accounting Standards Board (IASB), in May 2017, is a complete overhaul of the accounting for the Insurance Industry. It is considered as a first truly international IFRS Standard for insurance contracts to help investors and other users to better understand insurers’ risk exposure, profitability and financial position. Globally, it has become effective from 1st January 2023.

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First Published:Apr 27, 2023 9:43 PM IST