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Draft XBRL Taxonomies for Insurance Companies

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 xbrl@icai.in 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.

Tags: BusinessFinancial servicesFinancial statementInstitute of Chartered Accountants of IndiaInsuranceInsurance ActLifexbrl

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