Tomorrow is the last date for sending the comments to the Institute of Chartered Accountants of India (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 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. Accordingly, 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 categories 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 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 per 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 companies.

KKP

(Release ID :97162)

XBRL taxonomy templates open for comment to align insurance financial reporting with Insurance Act and IRDA requirements. Draft XBRL taxonomy templates for Life and Non life insurance companies specify separate reporting formats aligned with the Insurance Act and IRDA requirements; insurance specific data elements were compiled from statutory provisions, IRDA circulars and common industry disclosures, and the drafts are open for stakeholder comment to refine taxonomy elements and facilitate electronic filing of insurers' financial statements in XBRL.