IRDAI Extends International Financial Reporting Standard (IFRS 17) Implementation Deadline to FY27.

Banking & Finance

The Insurance Regulatory and Development Authority of India (IRDAI) has extended the timeline for the implementation of International Financial Reporting Standard (IFRS 17) regulations to the Financial Year 2026-27 (FY27).


      - This extension provides sufficient time for both bank-sponsored and non-bank sponsored insurance companies to implement IFRS 17 regulations.

      - Previously, IRDAI had set FY25 as the deadline for implementing IFRS 17 regulations in the insurance sector.

     

Main Points:-   (i) The new standards will help international investors to compare the financials of domestic insurers with their global counterparts. The new accounting standards would also require domestic insurers to strengthen their disclosure needs, leading to greater transparency and better decision-making, industry experts said.

      (ii) Developed by the International Accounting Standards Board (IASB), IFRS 17 became effective on January 1, 2023.


About IRDAI

Chairman- Debasish Panda
Headquarters-Hyderabad
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