To

All the Insurers/Reinsurer

The Council of the Institute of Chartered Accountants of India (ICAI) at its 265 th Meeting held on February 3-4, 2007, decided to defer the date of applicability of Accounting Standard (AS) 15, Employee Benefits (revised 2005), issued by the ICAI. As per the decision the AS would come into effect in respect of accounting periods commencing on or after December 7, 2006 (instead of April, 2006, as stated in the said Standard) and is mandatory in nature from that date.

In respect of insurance companies, since the accounting period commencing on or after December 7, 2006 is financial year 2007-08, the revised AS 15 is effective for them, from the financial year commencing from 1 st April 2007 .

(C.S.Rao)
Chairman