The Indian insurance industry is set for a significant transformation as the regulator plans to implement IND AS 117 from 1 April 2024, aligning with global standards like IFRS 17. Under IND AS 117, insurers must provide unbiased estimates of future cash flows and assess the impact of adjustments. This shift will impact financial reporting and influence decision-making processes within insurance companies and the broader industry ecosystem.
In this context, Grant Thornton Bharat is organising a virtual interaction on Navigating the transformation under IND AS 117 Insurance Contracts: Implementation, Challenges and Beyond. Experts from the industry and Grant Thornton UK and Bharat will discuss the implications of the new accounting framework and how they affect the Indian insurance industry.
Key discussion points:
- Achievements from the implementation of IFRS 17 and the upcoming challenges – the UK experience
- Practical aspects underlying the conversion to Ind AS 117, the challenges and steps towards a smoother transition
- Transition impacting business processes, judgements, estimates and decisions
- Navigating Ind AS 109 and beyond for financial insights
- Industry preparedness and critical considerations for the IND AS 117 Transition
Head of Life Insurance, India and Sri Lanka, Insurance Consulting and Technology
Chief Financial Officer
Partner, Head of Actuarial and Insurance Consulting
Associate Director, Actuarial and Insurance Consulting
Partner, Financial Reporting Advisory Services
Partner - CFO Services