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of <h1>India Amends Accounting Rules: Insurers Can Use Ind AS 104 Until IRDAI Notifies Ind AS 117.</h1> The Central Government of India has amended the Companies (Indian Accounting Standards) Rules, 2015, introducing the Companies (Indian Accounting Standards) Third Amendment Rules, 2024. These amendments, effective upon publication in the Official Gazette, allow insurers to use Ind AS 104 for financial statements until the Insurance Regulatory and Development Authority notifies Ind AS 117. Ind AS 104 outlines financial reporting for insurance contracts, requiring insurers to disclose and explain financial statement amounts and manage risks related to insurance contracts. It specifies conditions under which insurance components must be unbundled and addresses recognition, measurement, and disclosure requirements for insurance contracts.
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