NATIONAL INSURANCE ACADEMY

PUNE

 

P682 - PROGRAMME ON IND-AS (ACCOUNTING STANDARDS) / IFRS (LIC)

(2023-24)

 

Background:

Indian Accounting Standard (abbreviated as Ind-AS) is the Accounting Standard adopted by companies in India. It was issued under the supervision of Accounting Standards Board (ASB) constituted as a body in the year 1977. ASB is a committee under Institute of Chartered Accountants of India (ICAI) consisting of representatives from government departments, academicians, other professional bodies viz. ICAI, representatives from ASSOCHAM, CII, FICCI, etc. ICAI is an independent body formed under an act of parliament.

Companies are required to follow Ind-AS either voluntarily or mandatorily. Once a company follows Ind-AS, either mandatorily or voluntarily, it can't revert to old method of accounting.

Financial statements have incredible importance for both internal and external stakeholders. They basically are a report card of the performance of the company. It is, therefore, important that they are regulated and do not report misleading information. The Accounting Standards (AS) provide us with a framework for this regulation.

Learning Objective:

  To learn about recognition of financial events

  To Learn Measurement of financial transactions

  To learn Presentation of financial statements in a fair manner

  To learn Disclosure requirement of companies to ensure stakeholders are not misinformed.

  To learn about reliability & comparability of financial statements

  To enhance the awareness, understanding of participants about IND-AS and increase their operational competencies.

 

Contents:

                      

  Basic principles of auditing & auditing techniques

  Role of auditors in a life insurance company/understanding basic functions of life insurance business

  Overview of auditing standards

  Overview of Current accounting standards, IND-AS (Accounting Standards)/GAAP/ IFRS

  Forensic audit and cyber frauds in Life Insurance business

  Regulatory requirement and auditing

  Information System Audit of Life Insurance companies

  Consolidation of accounts and auditing

  Listing of companies & Embedded Value

  Accounting Regulations of IFRS/IND AS (all IND AS applicable to insurance industry as per IRDAI)

  Case studies

 

Participants Profile:

Officers in the cadres of AAOs/AO/ADM/DM/SDM/Chief in the F&A Departments of DO/ZO/CO (F&A) Departments preferably Chartered Accountants. Nominations to be made by the respective HRDs.

Duration:  3 days

Dates:

        I.            04.09.2023-06.09.2023

     II.            03.01.2024- 05.01.2024