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IND-AS applicability on Insurance companies
can anyone please tell me whether the financial statements for the FY 2020-21 of insurance companies are to be prepared in accordance with Ind-AS???
Replies (8)
Quick Summary
Yes and insurance contracts standard. There are some standards which allow limited treatment like repurchase agreements like forward or call option, but, not insurance contracts within the scope of Ind AS 104, Insurance Contracts. Similarly, go though financial instruments Indas 2.1.E. Another example, employers’ rights and obligations under employee benefit plans, to which Ind AS 19 Employee Benefits applies. On the whole statements are from Indas 1. So go through SCOPE carefully.
Unable to understand what you are trying to say. please elaborate
For F.Y 20-21 Ind As applicable or not , you have confirm from IRDA office . please write mail .
Yes apply Mandatory applicability of IND AS to all Banks, NBFCs, and Insurance companies from 1st April 2018, whose: Net worth is more than or equal to INR 500 crore with effect from 1st April 2018.
In jan 2020, it was deferred. There is no clear status on applicability on Ind-AS. Last option is to write an email only.
Yes Sir that's why I inform you to confirm from IRDA office .
As of now Banking and insurance cos continue to follow AS.
Circular dated 28th June 2017 hereby, stands withdrawn and the requirement of Proforma Ind AS financial statements being submitted on a quarterly basis as directed in the circular under reference stands dispensed with.
https://www.irdai.gov.in/ADMINCMS/cms/whatsNew_Layout.aspx?page=PageNo4016&flag=1#:~:text=Implementation%20of%20Ind%20AS%20in%20the%20Insurance%20Sector.&text=Sub%3A%20Implementation%20of%20Ind%20AS,deferred%20to%20FY%202020%2D21.
https://www.irdai.gov.in/ADMINCMS/cms/whatsNew_Layout.aspx?page=PageNo4016&flag=1#:~:text=Implementation%20of%20Ind%20AS%20in%20the%20Insurance%20Sector.&text=Sub%3A%20Implementation%20of%20Ind%20AS,deferred%20to%20FY%202020%2D21.
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