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IFRS 17 is an accounting standard that provides a framework for reporting insurance contracts . It states the classification of assets and liabilities of companies operating in the insurance sector and provides consistent principles for insurance contracts. IFRS 17 is an International Financial Reporting Standard that was issued by the International Accounting Standards Board in May 2017. It replaced IFRS 4 on accounting for insurance contracts and became effective date of 1 January 2023. However , in India, Insurance Regulatory and Development Authority of India (Irdai) has asked both bank-sponsored and non-bank-sponsored insurance companies to implement IFRS 17 regulations by FY27 (previously FY25) , to give these companies sufficient time for implementation. IRDAI has also reconstituted an Expert Committee on the implementation of Ind AS 117 or IFRS 17 headed by the Member (Finance and Investment) F&I of Irdai which will work on steps that may be taken towards the effective implementation of the new accounting framework, along with giving phase-wise timelines.
Who is known as the guardian and final interpreter of the constitution?
Who discovered Electron?
The constitutional reforms demanded by early nationalists (moderates) were addressed in the form of which Indian Council Act?
Which Indian constitutional article is famously described by Dr. B.R. Ambedkar as the "Heart and soul of the Constitution"?
Who is known as the "Father of Indian Constitution"?
What does the First Schedule of the Constitution of India list?
Who has the authority to increase the number of judges in the Supreme Court of India?
Which among the following schedules of the Indian Constitution deals with forms of Oaths or Affirmations?
Which Article of the Indian Constitution prohibits discrimination by the State on grounds of religion, race, caste, sex, or place of birth?
Which article of the Indian Constitution empowers the Election Commission of India?
