MCA withdraws IND AS 117 for Insurance Contracts [Read Notification]

This amendment has important implications for insurance companies in India
By Manu Sharma - On October 2, 2024 5:23 pm - 2 mins read
MCA - Indian Accounting Standards - Ministry of Corporate Affairs - Insurance Contracts - IND AS 117 - taxscan

The Ministry of Corporate Affairs ( MCA ) has recently notified the Companies ( Indian Accounting Standards ) Third Amendment Rules, 2024, which includes a significant update related to Indian Accounting Standard ( IND AS ) 117 for insurance contracts. The key amendment allows insurance companies to continue applying IND AS 104 for their financial…

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