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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Ind AS 117: New Standards for Recognizing and Disclosing Insurance Contracts' Financial Impact and Risk.</h1> Ind AS 117 establishes principles for the recognition, measurement, presentation, and disclosure of insurance contracts. It aims to provide relevant information about insurance contracts to assess their impact on an entity's financial position, performance, and cash flows. The standard applies to insurance and reinsurance contracts issued or held and investment contracts with discretionary features. It excludes warranties, employee benefit plans, and certain financial instruments. Ind AS 117 requires entities to separate components within insurance contracts, recognize groups of contracts, and measure them based on future cash flows, risk adjustments, and contractual service margins. It mandates specific disclosures to provide insights into the financial implications and risks associated with insurance contracts.
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