Regulators Discuss to Implement NFRS-17 with Insurance Companies

Kathmandu, A discussion and interaction program on the necessary preparations for the implementation of Nepal Financial Reporting Standard-17 (NFRS-17) was held in Kathmandu on Wednesday. The event, organized by the Nepal Insurance Authority, aimed to bring together accounting regulatory bodies and stakeholders to strategize the insurance sector’s adoption of the new reporting standards, which will be fully implemented by Sharawan 1, 2082.

Surya Prasad Silwal, Chairman of the Nepal Insurance Authority, proposed forming a committee of experts from accounting regulatory bodies to coordinate with the Authority for the smooth execution of the new standards. Praveen Kumar Jha, President of the Nepal Chartered Accountants Association, assured that chartered accountants would provide full support in the form of information exchange and technical expertise.

Anup Kumar Shrestha, Chairman of the Board of Auditors, highlighted the need to strengthen manpower and attract quality professionals to improve the quality of auditing. Similarly, Prakash Jung Thapa, Chairman of the Board of Accounts, stressed the importance of beginning preparations with a well-structured action plan to ensure timely implementation of NFRS-17. Nepal Insurance Authority Directors Sushildev Subedi and Poojan Dhungel Adhikari expressed confidence that NFRS-17, along with RBC, RBS, and ORSA, would make the insurance sector more robust, transparent, and accountable.

The program was attended by officials from the Nepal Chartered Accountants Association, the Auditing Board, the Accounting Board, CEOs from life and reinsurance companies, and other key industry figures. Insurance companies will be required to prepare financial statements in accordance with NFRS-17 from the fiscal year 2082/83.