IRDAI Proposes April 2026 Deadline for Insurers to Adopt Indian Accounting Standards

The Insurance Regulatory and Development Authority of India (IRDAI) has proposed April 1, 2026, as the deadline for all insurers to adopt Indian Accounting Standards (Ind AS), replacing the current Indian GAAP framework. To facilitate a smooth transition, IRDAI suggests a parallel reporting phase during the first year, where insurers submit financial statements under both Ind AS and Indian GAAP. The move aims to enhance transparency, align with global standards, and improve comparability, potentially attracting foreign investment while safeguarding policyholder interests.