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IND AS in the Insurance Sector
April 3 , 2026
14 hrs 0 min
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- Insurance Regulatory and Development Authority of India has introduced Indian Accounting Standards (Ind AS) for the insurance sector.
- Ind AS are accounting rules notified by the Ministry of Corporate Affairs in 2015.
- They are aligned with global standards called International Financial Reporting Standards (IFRS).
- These standards focus on fair value accounting, better disclosures, and improved transparency in financial reporting.
- Earlier, India followed Indian Generally Accepted Accounting Principles (Indian GAAP), which was based on historical cost accounting and had 18 standards.
- IRDAI is a statutory body set up under the IRDAI Act, 1999, to regulate and develop the insurance sector in India.
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