ICAI insurance-specific accounting norms likely in 2-3 months

ICAI insurance-specific accounting norms likely in 2-3 months



The Institute of Chartered Accountants of India (ICAI) is likely to come out with insurance specific accounting standards in the next three months, a top official said. "We are likely to come out with it (insurance sector accounting standards) in the next two-three months," ICAI President, Uttam Prakash Agarwal, told PTI here. A group of experts has been appointed for the purpose. Agarwal had earlier said that the standards, which will initially come in the form of recommendations, would give a thorough and fair view of accounts of the insurance companies. The recommendations once approved will become mandatory. Currently, there are 32 common notified accounting standards for all companies of various sectors. The new accounting standards would be additional to the existing 32 standards and give more insights about accounts of insurance companies. – www.economictimes.indiatimes.com

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