ICAI mulling separate insurance centric accounting norms
June, 02nd 2009
The Institute of Chartered Accountants (ICAI) is planning to come out with insurance-sector specific accounting standards which will provide more information to stakeholders, a top official said.
Accounting body, ICAI has set-up a group of experts for this purpose which has already started working on it.
We are working for insurance industry-specific accounting standards which will give a thorough and fair view of accounts of the insurance companies. These (standards) will come in the form of recommendations,'' ICAI president, Mr Uttam Prakash Agarwal, told PTI here.
The recommendations once approved would become mandatory, he said.
Presently, there are 32 accounting standards which are followed by all companies of different sectors, he said.
We have 32 notified accounting standards which are common for all companies. But there are more information which these 32 standards are not able to give,'' Mr Agarwal said.
The new accounting norms to be recommended by ICAI would be additional to the 32 notified accounting standards, Mr Agarwal said.