The Hindu Business Line : Reporting standards: IRDA panel to look at compliance needs

Hyderabad, Aug. 21 The Insurance Regulatory and Development Authority (IRDA) has constituted a committee to examine the requirements for International Financial Reporting Standards (IFRS) compliance by the insurance industry.

The 12-member panel is headed by Dr R. Kannan, Member (Actuary), IRDA. It would examine the requirements of IFRS, current availability of various requirements including accounting standards, identify gaps and suggest various measures required to fill the gaps to enable the industry move towards IFRS compliance by 2011. The panel would submit its report by March 31, 2009.

The Institute of Chartered Accountants of India had earlier announced that the accounting practice should move towards IFRS by 2011.

“The accelerated globalisation of business and the internationalisation of capital markets have lent greater urgency to the drive towards more standardised reporting system. One of the important developments in the financial sector is the preparation for moving towards IFRS compliance,” IRDA said in a release.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
From ‘class banking’ to ‘mass banking’

Rupee gains by 20 paise

Reporting standards: IRDA panel to look at compliance needs

IDBI Fortis branch in Vijayawada

Development Credit Bank opens branch in Dharavi

Karnataka Bank launches inward remittance facility

Bonds decline sharply

Collateral facility extended to savings bonds

Foreign, pvt banks shy away

PSU banks keen to step up SME sector lending

Equitas Micro raises Rs 50 cr

Call rate ends lower

Central Bank unveils new cards

Bank unions plan stir next month

YES Bank, Cisco tie up for voice-enabled phone banking