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.
In 1960, _____________, a World Bank arm was established to serve as the Bank's concessional lending arm and provide low and no-cost finance and grants ...
For building next-generation electric ferries Garden Reach Shipbuilders and Engineers Ltd (GRSE) has signed an agreement with which of the following sta...
The upcoming project “Statue of Oneness” will be launched in the state?
In which year was Hindustan Copper Limited (HCL) established?
Which of the following district/s is/are not shared its boundary with “Nepal”?
I. Balarampur
...On which date Savita Kanswal (Uttarakashi) and many mountaineers died in Draupadi Ka Danda-2 due to a massive avalanche?
Prudence means being conservative – accountant to record liabilities and expenses as soon as they occur, but revenues only when they are assured o...
Sonal Mansingh is renowned for which dance styles along with Bharatanatyam?
Who is heading the MSME(Micro, Small and Medium Enterprises)?
What was India’s rank in the global startup ecosystem index 2021 ?