Insurance Regulatory & Development Authority, India (IRDAI) decided to defer the implementation of Indian Accounting Standards (IAS) in the insurance sector

IRDAI (Insurance Regulatory & Development Authority India) decided recently to defer the implementation of the Indian Accounting Standards (IndAS) in the insurance sector as long as the IASB (International Accounting Standards Board) issues the final amendment of it to the IFRS-17 (International Financial Reporting Standard-17).

The regulator had also planned to carry out the implementation of IndAS-117, which is considered equiv....