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of <h1>Ind AS 104: Accounting Standards for Insurance Contracts, Focus on Financial Reporting, Disclosures, and Liability Adequacy</h1> Ind AS 104 outlines the accounting standards for insurance contracts, focusing on financial reporting by entities issuing such contracts. It mandates limited improvements in accounting practices and requires disclosures to clarify financial statement amounts related to insurance contracts. The standard applies to insurance and reinsurance contracts, excluding certain financial instruments and direct insurance contracts held by entities. It addresses the separation of embedded derivatives and unbundling of deposit components within contracts. Insurers must conduct a liability adequacy test and assess reinsurance asset impairment. Changes in accounting policies are permissible if they enhance financial statement relevance and reliability. The standard also provides guidance on recognizing discretionary participation features and requires detailed disclosures on insurance contract risks.
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