The Insurance Regulatory and Development Authority of India (IRDAI) has approved amendments requiring insurers to prepare and present financial statements in line with applicable Indian Accounting Standards (Ind AS) from 1 April 2026. The framework applies across life, general, stand-alone health and reinsurance business. The amendments set out a regulatory framework for Ind AS-based recognition, measurement, presentation and disclosure, and introduce a parallel reporting requirement for two years or another period specified by IRDAI. During the parallel period, insurers must produce Ind AS financial statements alongside financial information under the existing accounting framework, and IRDAI also included a provision to grant one-year forbearance for insurers facing challenges in immediately shifting to Ind AS, while still requiring Ind AS-based financial information to be submitted to the Authority. IRDAI noted the framework was developed following stakeholder consultations, including public comments on an exposure draft and engagement with insurers and industry professionals.
Insurance Regulatory and Development Authority of India 2026-03-30
Insurance Regulatory and Development Authority of India mandates Ind AS financial statements for all insurers from 1 April 2026 with two-year parallel reporting and one-year forbearance option
The Insurance Regulatory and Development Authority of India has approved amendments requiring all insurers to prepare and present financial statements in accordance with Indian Accounting Standards from 1 April 2026, covering life, general, stand-alone health and reinsurance business. The framework specifies Ind AS-based recognition, measurement, presentation and disclosure, introduces a two-year parallel reporting period with existing standards, and allows a one-year forbearance for insurers facing implementation challenges while still mandating Ind AS-based submissions.