The Ministry of Corporate Affairs (“MCA”) has notified Companies (Indian Accounting Standards) Amendment Rules, 2024 (“Amendment Rules, 2024”) to amend Companies (Indian Accounting Standards) Rules, 2015.

Key highlight of the Amendment is mentioned below:

1. “Indian Accounting Standard (Ind AS) 117 – Insurance Contracts” has been introduced.
2. “Indian Accounting Standard (Ind AS) 104 – Insurance Contracts” has been omitted.
3. Changes have been made to the following Indian Accounting Standards:
   1. Indian Accounting Standard (Ind AS) 101- First-time Adoption of Indian Accounting Standards
   2. Indian Accounting Standard (Ind AS) 103- Business Combinations
   3. Indian Accounting Standard (Ind AS) 105- Non-current Assets Held for Sale and Discontinued Operations
   4. Indian Accounting Standard (Ind AS) 107- Financial Instruments: Disclosures
   5. Indian Accounting Standard (Ind AS) 109- Financial Instruments
   6. Indian Accounting Standard (Ind AS) 115- Revenue from Contracts with Customers

Please click on the hyperlink below to have a detailed read of the Draft Policy Guidelines for the Companies (Indian Accounting Standards) Amendment Rules, 2024.

Source: Ministry of Corporate Affairs

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