Temporary Extension for Insurance Companies to Apply Ind AS 104 in Consolidated Financial Statements
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- By Chetan Kulasri
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- Last Updated on 1 October, 2024
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The Ministry of Corporate Affairs vide its notification dated 28th September 2024 has introduced amendments to the Companies (Indian Accounting Standards) Rules, 2015. The notable changes are as follows:
- Ind AS 104 for Insurers: Insurance companies are permitted to continue applying Ind AS 104 for the consolidated financial statements by its parent or investor or venturer until Ind AS 117 is notified by the Insurance Regulatory and Development Authority (IRDA).
- Addition to Rule 5: A new proviso has been introduced in Rule 5 of the Companies (Indian Accounting Standards) Rules, 2015, requiring insurers to temporarily comply with Ind AS 104, as outlined in the newly added schedule under this notification.
These amendments grant insurance entities additional time to transition to Ind AS 117, facilitating a smoother shift.
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