Document Detail
संदर्भसं.आईआरडीएआई
Ref.No:IRDAI/F&A/CIR/ACTS/023/01/2020 Date:21-01-2020
परिपत्र
CIRCULAR
प्रति/ To
सभीबीमाकर्ता
विषयःबीमा क्षेत्रमें इंड एस काकार्यान्वयन।
Sub: Implementation ofInd AS in the Insurance Sector.
यहआईआरडीएआई केपरिपत्रसंदर्भआईआरडीएआई
This has reference toIRDAI’s circular reference IRDA/F&A/CIR/ACTS/146/06/2017 dated June 28,2017 whereby the effective date of implementation of Ind AS in the InsuranceSector in India was deferred to FY 2020-21.
2.जबकि बीमाक्षेत्र उक्तइंड एएस काकार्यान्वयनकरने के लिएतैयारी कर रहाथा, यह देखागया कि अंतरराष्ट्रीयलेखांकन मानकबोर्ड(आईएएसबी) नेलेखांकनव्यवहारों केसंबंध मेंउठाई गई चिंताओं,परिचालनगतजटिलता एवंविभिन्नहितधारकोंद्वारा उठाईगईकार्यान्वयनसंबंधी चुनौतियोंके कारणआईएफआरएस 17
While the insurance sector waspreparing to implement the Ind AS, it was noted that the InternationalAccounting Standards Board (IASB) has taken a considered view to amend IFRS 17:Insurance Contracts, due to the concerns raised around accounting treatments,operational complexity and implementation challenges raised by variousstakeholders. The IASB has indicated that they aim to issue the finalamendments in mid-2020. In the Indian context, the equivalent standard of IFRS17 is yet to be notified. After the final standard (with amendments) isnotified by IASB, the corresponding standard in India will have to be notifiedby the Ministry of Corporate Affairs (MCA). Once the standard equivalent toIFRS 17 is notified in India, the IRDAI would be in a position to notify theRegulations on preparation of Ind AS compliant financial statements. Severalother Regulations that may be impacted due to the implementation of IFRS 17 mayalso have to be modified appropriately.
3.यहभी देखा गयाहै कि जब एकबार अंतिममानक प्रभावीहोगा तबआईएफआरएस 4 कोआईएफआरएस 17 सेप्रतिस्थापितकिया जाएगा।अतः इसपरिस्थितिमें भारत मेंबीमा क्षेत्रमें उसकेसमकक्ष (इंड एएस104) करने मेंपरिहार्यलागतें औरप्रयास संबद्धहोंगे। अतः एकअंतरिम उपाय केरूप में बीमाक्षेत्र मेंइंड एएस 104 काकार्यान्वयनकरना वांछनीयनहीं होगा।आईएफआरएस 17 केसमानक केकार्यान्वयनसे पहले इंडएएस 109 का कार्यान्वयनकरने सेआस्ति-देयताअसंतुलन के कारणवित्तीयविवरणों मेंअस्थिरताउत्पन्न होसकती है।
It is also noted that IFRS 4shall be replaced by IFRS 17 once the final standard is effective. Hence,implementing its equivalent (Ind AS 104) in the insurance sector in India atthis juncture, would involve avoidable costs and efforts. It may therefore notbe desirable to implement Ind AS 104 in the insurance sector as an interimmeasure. Implementation of Ind AS 109 before implementation of equivalent ofIFRS 17 equivalent may cause volatility in the financial statements because ofasset liability mismatch.
4. इसपृष्ठभूमि में,प्राधिकरणद्वारा 20दिसंबर 2019 कोआयोजित अपनीबैठक में इंडएएस 109 तथाआइएफआरएस 17 केइंड एएस केसमानक काकार्यान्वयनसभी अन्यप्रयोज्य इंडएएस के साथ एकही समय करनेका निर्णयलिया गया है।कार्यान्वयनकी प्रभावीतारीख का निर्णयआईएएसबीद्वाराआईएफआरएस 17 कोअंतिम रूपदेने के बादकिया जाएगा।तदनुसार,परिपत्रदिनांक 28 जून 2017इसके द्वारावापस लियाजाता है तथासंदर्भाधीनपरिपत्र मेंनिर्दिष्टकिये अनुसारतिमाही आधारपर प्रस्तुतकिये जा रहेप्रोफार्माइंड एएसवित्तीय विवरणोंकी आवश्यकतासमाप्त कीजाती है।
Against this background, ithas been decided by the Authority in its meeting held on 20th December 2019, toimplement Ind AS 109 and Ind AS equivalent of IFRS 17 simultaneously, alongwith all other applicable Ind AS. The effective date of implementation shall bedecided after the finalization of IFRS 17 by IASB. Accordingly, the circulardated 28th June 2017 hereby, stands withdrawn and the requirement of ProformaInd AS financial statements being submitted on a quarterly basis as directed inthe circular under reference stands dispensed with.
(प्रविणकुटुंबे / Pravin Kutumbe
सदस्य(एफएण्डआई) /