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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.
What was India’s Human Development Index (HDI) rank in 2023 out of 193 countries?
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Which country officially marked the commencement of its 2024 BRICS Chairmanship on January 1, with a focus on fostering collaboration among BRICS nation...
Which of the following statements about India's GDP growth projections by Morgan Stanley is/are correct?
1. Morgan Stanley Research expects India...
E - Samadhan Portal will be regulated and monitored by _______ .
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What is the focus of the book "Caste as Social Capital: The Complex Place of Caste in Indian Society" by Ramachandran Vaidyanathan?
Consider the following about the recent report of RBI over Digital payment complaints:
I. It was received Under Integrated Ombudsman scheme of th...
Fragrance & Flavour Development Centre has been set-up in the year 1991 by Ministry of ____________.
What initiative was launched by Manipur’s government to provide education to students in relief camps?