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Ind AS 117 Insurance Contracts: An Overview.pdf

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Preview of Ind AS 117 Insurance Contracts: An Overview
🔗 Source: suditkparekh.com
📊 Size: 291 KB
👤 Author: Sudit K. Parekh & Co LLP
⬇️ Downloads: 75

Summary

Globally, International Financial Reporting Standards (IFRS) 17 replaced IFRS 4 as the primary accounting framework for insurance contracts, bringing about comparability between insurance companies and ensuring one accounting policy for all insurance contracts. The Ministry of Corporate Affairs (MCA) introduced Indian Accounting Standards (Ind AS) 117 as the IFRS converged Indian accounting framework for insurance contracts. Ind AS 117 is expected to be applicable in India from 1 April 2023 and brings about consistency, resulting in better financial presentation for both insurers and investors. Key features of Ind AS 117 include separate presentation of income from underwriting and investment, contract identification, separation of contract components, and presentation of insurance revenue and expenses. The standard applies to insurance contracts, reinsurance contracts, and investment contracts with discretionary participation features, but excludes warranties, employee benefit plans, and contractual rights or obligations contingent on the future use of a non-financial item. Ind AS 117 requires the separation of components like embedded derivatives, distinct investment components, and distinct goods or non-insurance services from the core insurance contract.

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Globally, International Financial Reporting Standards (IFRS) 17 replaced IFRS 4 as the primary accounting framework for insurance contracts, bringing about...

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  • File Format: PDF
  • File Size: 291 KB
  • Pages: 8
  • Language: EN
  • Author: Sudit K. Parekh & Co LLP
  • Total Downloads: 75
  • Last Updated: 2 weeks ago

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