Insurance Regulatory and Development Authority of India (IRDAI) mandates Ind AS accounting for all insurers from 1 April 2026

Exam-focused facts from the 2 April 2026 current affairs briefing.

Key facts

IRDAI approved the Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of Insurers) (Amendment) Regulations, 2026.
All insurers — life, general, stand-alone health insurers and reinsurers — must prepare financial statements under Indian Accounting Standards (Ind AS) effective 1 April 2026.
Parallel reporting under Ind AS and the existing accounting framework will continue for two years or as specified by IRDAI.
Insurers unable to shift immediately may receive a one-year forbearance, during which they must still submit Ind AS-based information to IRDAI.
The Institute of Chartered Accountants of India (ICAI) and the Institute of Actuaries of India (IAI) welcomed the adoption and pledged support to insurers and professionals.