Taxmann's Illustrative Guide to Accounting for Insurance Contracts
 

Taxmann’s Illustrative Guide to Accounting for Insurance Contracts – 2025 Edition is a specialized, practical, and up-to-date guide on the accounting framework for insurance contracts, designed to help professionals, insurers, and auditors understand and apply the latest Indian Accounting Standards (Ind AS) and global best practices. This guide provides detailed interpretation, analysis, and illustrative examples for implementing IFRS 17/Ind AS 117 – Insurance Contracts, along with related disclosures and transitional provisions.

Developed by domain experts in insurance accounting and financial reporting, the book bridges the gap between theory and practice, offering real-life illustrations, journal entries, and financial statement impacts. It is an essential tool for chartered accountants, actuarial professionals, CFOs, insurance company finance teams, auditors, and regulators.

Key Features:

• Comprehensive Coverage of Ind AS 117 / IFRS 17: Offers an in-depth explanation of the recognition, measurement, presentation, and disclosure requirements under the new insurance accounting standard, aligned with global practices.

• Illustrative Accounting Treatments: Includes step-by-step journal entries, worked examples, case studies, and presentation formats for understanding complex transactions.

• Comparison with Previous Frameworks: Provides a comparative analysis of Ind AS 104 vs. Ind AS 117, aiding in a smooth transition for entities already applying older standards.

• Transitional Guidance: Explains the first-time adoption challenges, transitional adjustments, and reconciliation of equity under the new standards.

• Premium Allocation & General Measurement Models: Covers key concepts such as the General Measurement Model (GMM), Premium Allocation Approach (PAA), and Variable Fee Approach (VFA) in detail with numerical examples.

• Practical Insights for Implementation: Discusses data requirements, system readiness, internal controls, and actuarial-financial collaboration needed for effective implementation.

• Disclosure Requirements Explained: Outlines financial statement presentation and disclosure templates as per regulatory expectations under Ind AS 117 and IRDAI guidelines.

• Designed for Insurance Sector Stakeholders: Tailored content for life insurers, general insurers, reinsurance companies, and their audit and advisory teams.

Why This Book is Essential:

• Focused on a Niche but Critical Area: First-of-its-kind dedicated guide on insurance contract accounting under the new standard.

• Bridges Theory and Practical Application: Moves beyond conceptual understanding to deliver actionable accounting solutions for complex insurance transactions.

• Updated for 2025 Regulatory Landscape: Fully aligned with the latest ICAI announcements, IRDAI circulars, and global reporting norms applicable in 2025.

• Useful Across Departments: A valuable guide not only for accountants but also for actuarial, compliance, finance, and IT teams working on reporting transitions.

• Supports Capacity Building: An excellent resource for training internal teams, audit planning, financial reporting, and year-end closings.

Taxmann's Illustrative Guide to Accounting for Insurance Contracts – 2025 Edition is the go-to reference for mastering the new accounting era in the insurance sector. With rich illustrations and expert commentary, this guide makes complex standards understandable and implementable, empowering financial professionals to achieve transparent and compliant reporting.