IRDAI proposes April 1 as deadline for adoption of Ind AS

• Dushyant Sharma
• 06 Mar 2026
• 97 Views

The Insurance Regulatory and Development Authority of India (IRDAI) has proposed that insurers implement Indian Accounting Standards (Ind AS) starting 1 April 2026. This date will apply to all categories of insurers, including life insurers, general insurers, health insurers and even the re-insurers. The insurance regulator has placed an exposure draft as well as a consultation paper in the public domain for comments.

According to IRDAI's consultation paper, “The proposal represents a significant step toward aligning India’s insurance financial reporting framework with globally accepted standards converged with International Financial Reporting Standards (IFRS).”

In the exposure draft, the proposed regulatory framework is outlined for the recognition, measurement, presentation and disclosure of financial statements by insurers adopting Ind AS. This transition aims to enhance consistency, transparency and comparability in financial reporting across insurance sector. 

The consultation paper further mentions, “Further, during the first year of implementation, insurers shall obtain independent validation of the Ind AS financial statements from the IRDAI empanelled list of auditors in addition to the statutory audit of the financial statements.”

The framework has been developed after extensive engagement with insurers including structured gap assessments and analyses of pro forma financial submissions to evaluate operational readiness and conduct impact assessments. These measures are meant to facilitate a smooth and orderly transition to Ind AS-based financial reporting.

Sources: The Hindu and IRDAI