ICAI to form new accounting standard for insurance sector

Mumbai, Aug 30 (ANI): The Institute of Chartered Accountants of India (ICAI) is all set to come out with insurance specific accounting standards in the next three months.

Interacting with newsmen here on Sunday ICAI President, Uttam Prakash Agarwal, said: "We are likely to come out with a insurance sector accounting standards in the next two-three months."

Agarwal informed that ICAI has appointed a group of experts for the purpose, once the board approves the recommendations of the committee it will become mandatory.

The standards, which will initially come in the form of recommendations, would give a thorough and fair view of accounts of the insurance companies, he added.

Currently, there are 32 common notified accounting standards for all companies of various sectors.

The new accounting standards that would be additional to the existing standards are expected to give more insights about accounts of insurance companies. (ANI)