Insurance accounting transition: insurers may use Ind AS 104 for consolidation until Ind AS 117 is notified, impacting reporting and disclosures. The rules permit an insurer or insurance company to present financial statements under Ind AS 104 for consolidation purposes by its parent, investor or venturer until the Insurance Regulatory and Development Authority notifies Ind AS 117; accordingly, Ind AS 104 is inserted as a Schedule and continues to apply, setting out scope, recognition and measurement rules (including unbundling, liability adequacy testing and reinsurance asset impairment), permissible accounting-policy elections and comprehensive disclosure requirements.
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Provisions expressly mentioned in the judgment/order text.
Insurance accounting transition: insurers may use Ind AS 104 for consolidation until Ind AS 117 is notified, impacting reporting and disclosures.
The rules permit an insurer or insurance company to present financial statements under Ind AS 104 for consolidation purposes by its parent, investor or venturer until the Insurance Regulatory and Development Authority notifies Ind AS 117; accordingly, Ind AS 104 is inserted as a Schedule and continues to apply, setting out scope, recognition and measurement rules (including unbundling, liability adequacy testing and reinsurance asset impairment), permissible accounting-policy elections and comprehensive disclosure requirements.
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