KATHMANDU: The general meeting of the insurer for the financial year 2082\/83 will not be stopped due to the new financial statement criteria ‘NFRS 17’, which is going to be implemented for the first time for insurance companies in Nepal. <\/p>\n
Sushil Dev Subedi, executive director of the Nepal Insurance Authority, said that the insurer will be able to approve the financial statements as per the existing provision and proceed with the process of the general meeting. Stating that the financial statement of NFRS 17 will not stop the general meeting of the insurer, he said that the insurer can proceed with the work of the general meeting by approving the previous financial statements as per the provisions of the Act. The financial report as per NFRS 17 will have to be submitted by mid-April. <\/p>\n
Insurers have been preparing financial statements in accordance with the provisions of the Insurer’s Financial Statements Directive 2080 for the last few years. The NFRS 17 Implementation Directive requires insurers to prepare and submit two types of audited financial statements for the approval of the regulatory body from July 1, 2082. One of these will be the ‘General Purpose Financial Statements’ based on NFRS 17 and the other will be the ‘Special Purpose Financial Statements’ as per the Financial Statement Guidelines, 2080 issued by the Authority. <\/p>\n
According to the provision of Section 84 of the Insurance Act, 2079, the insurer has to prepare the audited balance sheet and profit or loss statement of each fiscal year and submit it to the Authority in the prescribed format within six months of the next fiscal year. According to this provision, the insurer is obliged to submit the annual report of the fiscal year 2082\/83 to the authority by mid-January. <\/p>\n
However, this time, the insurer is under pressure not only to hold the general meeting with the approval of the financial statement of the last financial year by the end of Poush, but also to prepare another financial statement as per the Nepal Financial Reporting Standard on Insurance Contracts (NFRS 17). This is the first time that this financial statement criterion is being implemented for insurance companies in Nepal, which has made the situation uncomfortable for the insurers due to the skilled manpower, experience and technical complexity of the related subject. <\/p>\n
According to the guidelines for the implementation of NFRS 17 issued by the Insurance Authority of Nepal, the insurance companies should have prepared the financial statements as per NFRS 17 from the fourth quarter report of the last fiscal year. However, till now, the financial statements of any insurer as per NFRS 17 have not been made public.<\/p>\n","protected":false},"excerpt":{"rendered":"
KATHMANDU: The general meeting of the insurer for the financial year 2082\/83 will not be stopped due to the new financial statement criteria ‘NFRS 17’, which is going to be implemented for the first time for insurance companies in Nepal. Sushil Dev Subedi, executive director of the Nepal Insurance Authority, said that the insurer will […]<\/p>\n","protected":false},"author":5,"featured_media":315915,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45031,45152,45159],"tags":[],"class_list":["post-322449","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner-news-en","category-life-insurance-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/322449","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=322449"}],"version-history":[{"count":1,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/322449\/revisions"}],"predecessor-version":[{"id":322450,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/322449\/revisions\/322450"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/315915"}],"wp:attachment":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=322449"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=322449"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=322449"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}