MCA Introduces ‘Ind AS 117’ on Insurance Contracts
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- By Chetan Kulasri
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- Last Updated on 17 August, 2024
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Notification No. G.S.R 492(E); Dated: 12.08.2024
MCA has notified Companies (Indian Accounting Standards) Amendment Rules, 2024. As per the amended norms, a new Ind AS 117 relating to ‘Insurance Contracts’ has been inserted. Ind AS 117 establishes principles for recognising, measuring, presenting and disclosing insurance contracts. The objective is to ensure that an entity provides relevant information that faithfully represents those contracts. An entity must apply Ind AS 117 to insurance, reinsurance, and investment contracts.
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