New accounting standards for Indian insurers

Indian insurance companies are gearing up for the new “Ind AS 117” accounting standards, corresponding to IFRS 17 international standards.

Local insurers are required to present their financial statements for the fiscal year 2024-2025 in accordance with the new accounting standards, which came into force on 1 April 2024.

Ind AS 117 replaces Ind AS 104, which has been applicable to the insurance market since 1 April 2020.