{"id":95931,"date":"2026-04-01T14:00:05","date_gmt":"2026-04-01T08:30:05","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=95931"},"modified":"2026-04-01T14:00:05","modified_gmt":"2026-04-01T08:30:05","slug":"indian-accounting-standards-ind-as","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/indian-accounting-standards-ind-as\/","title":{"rendered":"Indian Accounting Standards (Ind AS)"},"content":{"rendered":"<h2><b>Indian Accounting Standards (Ind AS) Latest News<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Recently, the Insurance Regulatory and Development Authority of India (IRDAI) has introduced Ind AS (Indian Accounting Standards) for the Insurance Sector.<\/span><\/p>\n<h2><b>About Indian Accounting Standards (Ind AS)<\/b><\/h2>\n<ul>\n<li><span style=\"font-weight: 400;\">Indian Accounting Standards (Ind AS) are a set of accounting principles notified <\/span><b>by the Ministry of Corporate Affairs (MCA) in 2015.<\/b><\/li>\n<li><span style=\"font-weight: 400;\">These standards are largely converged with <\/span><b>International Financial Reporting Standards<\/b><span style=\"font-weight: 400;\"> (IFRS), bringing Indian financial reporting closer to global practices.<\/span><\/li>\n<li><b>Focus:<\/b><span style=\"font-weight: 400;\">\u00a0 Ind AS emphasizes a principle-based approach, focusing <\/span><b>on fair value measurement, transparency, and enhanced disclosure.<\/b><\/li>\n<li aria-level=\"1\"><b>History<\/b><\/li>\n<li><span style=\"font-weight: 400;\">Before the introduction of Indian Accounting Standards (Ind AS), India followed the Indian Generally Accepted Accounting Principles (IGAAP). Indian GAAP was primarily developed by:<\/span>\n<ul>\n<li><span style=\"font-weight: 400;\">The <\/span><b>Institute of Chartered Accountants of India<\/b><span style=\"font-weight: 400;\"> (ICAI)<\/span><\/li>\n<li aria-level=\"2\"><b>Provisions under the Companies Act, 1956<\/b><\/li>\n<li><span style=\"font-weight: 400;\">Indian GAAP <\/span><b>comprised 18 accounting standards<\/b><span style=\"font-weight: 400;\"> issued by ICAI, focusing largely on historical cost accounting and legal compliance.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3><b>Key Facts about Insurance Regulatory and Development Authority of India<\/b><\/h3>\n<ul>\n<li><span style=\"font-weight: 400;\">It is a statutory body formed under the <\/span><b>Insurance Regulatory and Development Authority Act, 1999 (IRDAI Act 1999<\/b><span style=\"font-weight: 400;\">), for the overall supervision and development of the insurance sector in India.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">It acts as an autonomous authority under the <\/span><b>Ministry of Finance, Government of India.<\/b><\/li>\n<li aria-level=\"1\"><b>The main goals of IRDAI are:<\/b><\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">To safeguard the <\/span><b>interest of the policyholders<\/b><span style=\"font-weight: 400;\"> by fair business conduct and settlement of claims within time.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">To regulate the <\/span><b>business of insurance<\/b><span style=\"font-weight: 400;\"> with transparency, fairness, and honest practice.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Facilitating<\/span><b> financial prudence of the insurers<\/b><span style=\"font-weight: 400;\"> through solvency and stability checks of insurers.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">To regulate premium charges and policy terms for preventing unscrupulous pricing and unaffordability.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">It is responsible for registering and\/or licensing insurance, reinsurance companies, and intermediaries according to the regulations.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">It sets the eligibility criteria, qualifications, and capital requirements for obtaining licenses in the insurance business.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Head Office:<\/b><span style=\"font-weight: 400;\"> Hyderabad<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Composition:<\/b><span style=\"font-weight: 400;\"> It consists of a <\/span><b>Chairman, five full-time members<\/b><span style=\"font-weight: 400;\">, and four part-time members, all appointed by the Government of India.<\/span><\/li>\n<\/ul>\n<p><b>Source: <\/b><strong><a href=\"https:\/\/www.thehindu.com\/business\/Industry\/irdai-approves-india-as-framework-for-insurers-from-april-1\/article70803511.ece\" target=\"_blank\" rel=\"nofollow noopener\">TH<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Indian Accounting Standards (Ind AS) are a set of accounting principles notified by the Ministry of Corporate Affairs (MCA) in 2015. Read more about Indian Accounting Standards (Ind AS), Focus, History, Key Facts, Latest News.<\/p>\n","protected":false},"author":24,"featured_media":95985,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[6512],"class_list":{"0":"post-95931","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"tag-indian-accounting-standards-ind-as","9":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/95931","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=95931"}],"version-history":[{"count":4,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/95931\/revisions"}],"predecessor-version":[{"id":96016,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/95931\/revisions\/96016"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/95985"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=95931"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=95931"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=95931"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}