The Ministry of Corporate Affairs (“MCA”) has notified Companies (Indian Accounting Standards) Third Amendment Rules, 2024 (“Amendment Rules, 2024”) to amend Companies (Indian Accounting Standards) Rules, 2015.
Amendment Rules, 2024 provides that an insurer or insurance company may provide its financial statement as per Ind AS 104 for the purposes of consolidated financial statements by its parent or investor or venturer till the Insurance Regulatory and Development Authority notifies the Ind AS 117 and for this purpose, Ind AS 104 must continue to apply.
Please refer to the hyperlink below to have a detailed read of the Companies (Indian Accounting Standards) Third Amendment Rules, 2024.
Source: Ministry of Corporate Affairs
