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Draft XBRL Taxonomies for Insurance Companies

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..... Draft XBRL Taxonomies for Insurance Companies
News and Press Release
Dated:- 12-7-2013

Tomorrow is the last date for sending the comments to the Institute of Chartered Accountants of Ind .....

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..... ia (ICAI) on the Draft Templates of Taxonomy for Life and Non-life Insurance Companies. The Comments may be sent by e-mail at [email protected] so as to be received not later than July 12, 2013. ICAI has .....

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..... prepared these separate Drafts because the schedule for presentation of financial statements, laid down in the Insurance Act, prescribes different format for Life and Non-life insurance companies. Acc .....

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..... ordingly, excel templates are prepared separately for the Life and Non-life Insurance Companies. While the filing of the financial statements of Companies in XBRL format had begun for certain categor .....

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..... ies of companies, Insurance Companies were kept outside the purview of XBRL mandate owing to different format for presentation of financial statements, different requirements of the Insurance Act and .....

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..... peculiar nature of Insurance business as compared to the Commercial and Industrial companies. For the purpose of development of taxonomy, insurance- specific elements were identified and compiled as p .....

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..... er the requirements of Insurance Act, circulars and regulations issued by the IRDA and various other statutory requirements and certain common practice elements based on annual reports of Insurance co .....

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..... mpanies. KKP (Release ID :97162)
News - Press release - PIB .....

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