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.
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