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The Institute of Chartered Accountants of India has released the Exposure Draft of Amendments to Ind AS 117 - Insurance Contracts corresponding to amendments in IFRS 17, for public comments. Comments on the above-mentioned Exposure Draft may be submitted before January 24, 2021. Read the official announcement below: Accounting Standards Board The Institute of Chartered Accountants of India 24th December, 2020 Sub: Exposure Draft of Amendments to Ind AS 117,Insurance Contracts, for commen
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FAQ :
The ICAI has released an Exposure Draft of Amendments to Ind AS 117 - Insurance Contracts.
The amendments correspond to changes made to IFRS 17 by the International Accounting Standards Board (IASB) to maintain convergence with global accounting standards.
Ind AS 117 refers to the Indian Accounting Standards for Insurance Contracts, which are based on IFRS Standards.
Comments on the Exposure Draft must be submitted before January 24, 2021.
Comments can be submitted electronically via the ICAI website, by email to commentsasb@icai.in, or by post to the Secretary, Accounting Standards Board, ICAI.
IFRS 17, the first comprehensive international standard for insurance contracts, was issued by the IASB in May 2017, replacing IFRS 4.
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