Hyderabad: The Insurance Regulatory and Development Authority (IRDA) has constituted a committee to examine the requirements for International Financial Reporting Standards (IFRS) compliance by the insurance industry.
The 12-member panel is headed by Dr R. Kannan, Member (Actuary), IRDA. It would examine the requirements of IFRS, current availability of various requirements including accounting standards, identify gaps and suggest various measures required to fill the gaps to enable the industry move towards IFRS compliance by 2011. The panel would submit its report by March 31, 2009.
The Institute of Chartered Accountants of India had earlier announced that the accounting practice should move towards IFRS by 2011. “The accelerated globalisation of business and the internationalisation of capital markets have lent greater urgency to the drive towards more standardised reporting system. One of the important developments in the financial sector is the preparation for moving towards IFRS compliance,” IRDA said in a release.
The 12-member panel is headed by Dr R. Kannan, Member (Actuary), IRDA. It would examine the requirements of IFRS, current availability of various requirements including accounting standards, identify gaps and suggest various measures required to fill the gaps to enable the industry move towards IFRS compliance by 2011. The panel would submit its report by March 31, 2009.
The Institute of Chartered Accountants of India had earlier announced that the accounting practice should move towards IFRS by 2011. “The accelerated globalisation of business and the internationalisation of capital markets have lent greater urgency to the drive towards more standardised reporting system. One of the important developments in the financial sector is the preparation for moving towards IFRS compliance,” IRDA said in a release.
Source: The Hindu Business Line
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