IFSCA: Process for Preparing & Presenting Financial Statements for IFSC Insurance Offices

Notification No. IFSCA/2022-23/GN/REG033, Dated 12.01.2023

IFSCA has notified IFSCA (Preparation and Presentation of Financial Statements of IIO) Regulations, 2022. It aims to put in place the process of preparation and presentation of financial statements of the IFSC Insurance Offices (IIO). An IIO set up in an unincorporated form, shall prepare its financial statements in accordance with the accounting standards applicable to its Parent Entity. Whereas, IIOs set up in an incorporated form, shall prepare their financials as per AS issued by ICAI.

Further, an IIO shall maintain and preserve the following documents as may be specified by the Authority in electronic retrieval form –

(a) The balance sheet at the end of each accounting year;

(b) Profit and loss account for each accounting year, which shall be maintained on an accrual basis;

(c) Revenue account;

(d) Statement of cash/fund flow (direct method); and

(e) such other books of accounts, records and documents related to its business activities, as may be specified by the Authority from time to time.

Also, various other provisions relating to Powers, inspections, investigations, etc have been prescribed.

Click Here To Read The Full Notification