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of <h1>Insurance and Banking Firms Must Apply Ind AS for Consolidated Financial Statements; Use Ind AS 104 Until Ind AS 117.</h1> Banking and insurance companies are required to apply Indian Accounting Standards (Ind AS) as notified by the Reserve Bank of India and the Insurance Regulatory Development Authority, respectively. Insurance companies must provide Ind AS-compliant financial data for consolidated financial statements by their parent or investor. Until Ind AS 117 is notified, insurers can use Ind AS 104 for such statements. This provision was updated in 2016 to mandate Ind AS application, replacing a prior exemption for these companies.
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