MISCELLANEOUSInternational Financial Services Centres Authority (Preparation and Presentation of Financial Statements of International Financial Service Centre Insurance Offices) Regulations, 2022
MISCELLANEOUSInternational Financial Services Centres Authority (Preparation and Presentation of Financial Statements of International Financial Service Centre Insurance Offices) Regulations, 2022
Regulation 5 - Applicable ‘Accounting Standard’ or “AS”
International Financial Services Centres Authority (Preparation and Presentation of Financial Statements of International Financial Service Centre Insurance Offices) Regulations, 2022 Chapter II GENERAL INSTRUCTIONS FOR PREPARATION & PRESENTATION OF FINANCIAL STATEMENTS
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Accounting standards for International Financial Service Centre Insurance Offices distinguish unincorporated parent-entity reporting from incorporated ICAI-based reporting. Unincorporated International Financial Service Centre Insurance Offices must prepare financial statements under accounting standards applicable to their ... Summary
Accounting standards for International Financial Service Centre Insurance Offices distinguish unincorporated parent-entity reporting from incorporated ICAI-based reporting.
Unincorporated International Financial Service Centre Insurance Offices must prepare financial statements under accounting standards applicable to their parent entity. Incorporated offices must follow accounting standards issued by the Institute of Chartered Accountants of India, with cash flow statements prepared only through the Direct Method, segment reporting under Accounting Standard 17 irrespective of listing or turnover conditions, and no application of Accounting Standard 13 on investments. The Authority may require transition to IFRS or another accounting standard.
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