Insurance Regulatory and Development Authority of India (Irdai) notifies Ind AS norms for insurers with one-year forbearance

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

Key facts

Insurance Regulatory and Development Authority of India (Irdai) issued final regulations for transition to Indian Accounting Standards (Ind AS) effective 1 April 2026.
Insurers may request forbearance until 30 April 2026 if unable to comply with Ind AS; forbearance can be granted for one year.
Parallel reporting under Ind AS alongside existing Indian Generally Accepted Accounting Principles (IGAAP) framework permitted for two years.
Multi-stakeholder expert committee proposed with representatives from Institute of Chartered Accountants of India (ICAI), Institute of Actuaries of India, Securities and Exchange Board of India (Sebi), and National Financial Reporting Authority (NFRA).