IFRS (IND AS) ON INSURANCE: A CONTEXTUAL STUDY    

Authors : CA (Dr.) SUSHIL KUMAR LAL; B.Sc., FCA (ICAI), CISA (USA), Ph.D. (IFRS), Business Responsibility and Sustainability Reporting (BRSR), New Age Auditors- Executive Master Program, Forensic Accounting & Fraud Detection (FAFD), Arbitrator & Conciliator (ADR), Internal Audit, Ind AS, Peer Reviewer, Concurrent Audit New Delhi.

Publishing Date : 2025

DOI : NSP/EB/AARDAMGP/2025/Ch-05/ (No DOI-Only Chapter ID)

ISBN : 978-93-49381-83-4

Pages : 51-61

Chapter id : NSP/EB/AARDAMGP/2025/Ch-05

Abstract : Insurance businesses are essential to financial systems as they manage risks and offer long-term financial security. Clear and uniform reporting of insurance contracts is crucial for investor trust and regulatory supervision. IFRS 17 (Insurance Contracts) supplanted IFRS 4 as of January 2023 to ensure global comparability. In India, insurers are regulated by Ind AS, which is predominantly aligned with IFRS, however the implementation of IFRS 17 has not yet been completed. This discrepancy engenders substantial discourse over harmonization, preparedness, and the regulatory framework in India. Insurance contracts entail intricate financial structures, rendering accounting and disclosure notably difficult. International Financial Reporting Standards (IFRS 17) established a novel methodology for the global accounting of insurance contracts, whereas India adheres to the Indian Accounting Standards (Ind AS) framework, which is largely aligned with IFRS but includes specific exceptions. This study examines the background of IFRS (Ind AS) implementation in the insurance industry, emphasizing its aims, ramifications, problems, and prospective developments for insurers in India.

Keywords : Insurance Contracts, IFRS 17, Ind AS 117, Financial Reporting, Insurance Accounting.

Cite : Lal, S. K. (2025). Ifrs (Ind As) On Insurance: A Contextual Study (1st Ed., Pp. 51-61). Noble Science Press. Https://Noblesciencepress.Org/Chapter/Nspebaardamgp2025ch-05

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