Miranjit Mukherjee - Actuarial Society of India
Miranjit Mukherjee - Actuarial Society of India
Miranjit Mukherjee - Actuarial Society of India
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EXISTING ACCOUNTING REQUIREMENT VS IND AS 104<br />
ISSUE EXISTING AS PER IND AS / IFRS Ref<br />
1 Financials Revenue A/cs , P/L , B/S , Cash Flow , Notes Income Stat , B/S , SOCE , Cash Flow, Disclosures , Notes<br />
2 Format As laid down by Insurance Act / Regulations No specified format<br />
3 Segments Fire , Marine and Miscellaneous Criteria specified + those reviewed by decision makers 108<br />
4 DAC Not permitted by Regulations IND AS 104 takes reference to DAC 104<br />
5 Investments Debt instruments (HTM ) / Equity (MTM) FVTPL ( MTM ) / HTM / AFS ( MTM )<br />
6 UEPR Minimum as per Sec 64V <strong>of</strong> Insurance Act As per Liability Adequacy Testing ( LAT ) 104<br />
7 UEPR Fire , Marine and Miscellaneous As per Liability Adequacy Testing ( LAT ) 104<br />
8 LAT Premium Deficiency specified by IRDA circular As per IND AS 104 104<br />
9 Solvency Workings as per Insurance Act / Regulations Not clear .<br />
10 Disclosures Disclosures as laid down by Regulations . Detailed disclosures laid down for Insurance transactions / Risks 104<br />
No disclosures on risks<br />
17
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