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Transition and initial application of the new insurance contracts standard Ind AS 117. It covers transition approaches like the fair value approach, treatment of comparative information, redesignation of financial assets, and specific guidance for entities applying Ind AS 117 and 109 together. It clarifies transition provisions related to insurance acquisition cash flows, presentation amendments to other standards like Ind AS 1 and 32, and withdrawal of the previous Ind AS 104. The summary encompasses critical implementation issues without naming parties, using technical terminology concisely within the specified character limit.