ICAI Releases Exposure Draft of Taxonomy Template for Life and General Insurance 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. Since the schedules for presentation of financial statements, laid down in the Insurance Act, prescribes different format for Life and Non-life insurance companies, it was decided to develop two separate taxonomies. Accordingly, excel templates are prepared separately for the Life and Non-life Insurance Companies. Read more.