Insurance contracts standard introduces a comprehensive recognition, measurement and disclosure framework and amends related accounting rules. The Amendment Rules insert Ind AS 117 Insurance Contracts, establishing principles for recognition, measurement, presentation and disclosure of insurance and related contracts, defining key measurement building blocks (fulfilment cash flows, discounting, risk adjustment and contractual service margin), grouping and contract boundary rules, eligibility for a premium allocation approach, special rules for reinsurance and investment contracts with discretionary participation features, modification/derecognition mechanics, extensive disclosure requirements, and consequential amendments and transition cross references across multiple Ind ASs to ensure consistent application.
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Insurance contracts standard introduces a comprehensive recognition, measurement and disclosure framework and amends related accounting rules.
The Amendment Rules insert Ind AS 117 Insurance Contracts, establishing principles for recognition, measurement, presentation and disclosure of insurance and related contracts, defining key measurement building blocks (fulfilment cash flows, discounting, risk adjustment and contractual service margin), grouping and contract boundary rules, eligibility for a premium allocation approach, special rules for reinsurance and investment contracts with discretionary participation features, modification/derecognition mechanics, extensive disclosure requirements, and consequential amendments and transition cross references across multiple Ind ASs to ensure consistent application.
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