International Financial Services Centres Authority (Preparation and Presentation of Financial Statements of International Financial Service Centre Insurance Offices) Regulations, 2022.
On 12th January 2023, the International Financial Services Centres Authority (IFSCA) issued a Notification IFSCA/2022-23/GN/REG033, titled “International Financial Services Centres Authority (Preparation and Presentation of Financial Statements of International Financial Service Centre Insurance Offices) Regulations, 2022”.
The IFSCA Preparation and Presentation of Financial Statements of International Financial Service Centre Insurance Offices Regulations, 2022, aims to prepare and present the financial statements of the International Financial Service Centre Insurance Offices (IIOs) in a regulated format and procedure. These regulations shall apply to IIOs registered with the Authority under such regulations.
These regulations state that an IIO, set up in an unincorporated form, shall prepare its financial statements following the accounting standards applicable to its Parent Entity. They also elaborate on the designated preparation and presentation practices for such financial statements. Specifications regarding separation of funds and maintenance of books of accounts, records and documents are also stated.
