India's IRDAI mandates India AS accounting for insurers from April 1, 2026
→Insurance finance teams must produce India AS financial statements from Apr 1, 2026
Change
India's Insurance Regulatory and Development Authority (IRDAI) requires insurers to prepare and present financial statements in accordance with India Accounting Standards (India AS), effective April 1, 2026.
Why it matters
The amendment establishes a regulatory framework that prescribes how insurers must recognise, measure, present and disclose items in their financial statements under India AS. The requirement covers all insurer categories — life insurers, general insurers, standalone health insurers and reinsurers — and applies to statutory reporting across those entities.
Implications
- — Insurance finance and statutory-reporting teams at life, general, standalone health insurers and reinsurers must implement India Accounting Standards-aligned accounting policies and reconfigure reporting and consolidation systems immediately to produce India AS financial statements — failure risks regulatory non-compliance with IRDAI reporting requirements.
- — Compliance and internal-audit teams at insurers must update disclosure checklists and internal controls before submission of the first India AS reports — omissions risk regulatory inquiry or mandated corrective action.
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Source
View on The Hindu