ICAI publishes Exposure Draft on Indian Accounting Standard (Ind AS) 117 Insurance Contracts

Feb 23, 2018 | by Avantis RegTech Legal Research Team

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The Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI) has published an exposure draft of Indian Accounting Standard (Ind AS) 117 Insurance Contracts. 
Ind AS 117 Insurance Contracts establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the Standard. The objective of Ind AS 117 is to ensure that an entity provides relevant information that faithfully represents those contracts. This information gives a basis for users of financial statements to assess the effect that insurance contracts have on the entity’s financial position, financial performance and cash flows.
An entity shall apply Ind AS 117 to the following: 

·       insurance contracts, including reinsurance contracts, it issues;

·       reinsurance contracts it holds; and

·       investment contracts with discretionary participation features it issues, provided the entity also issues insurance contracts.

The last date for submission of comments is March 31, 2018. The comments and suggestions are invited from the stakeholders which can be submitted online onhttp://www.icai.org/comments/asb/ or can be sent via email to [email protected] or by post to the Secretary, Accounting Standards Board, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi – 110 002.

[ED/Ind AS/2018/03] 

 

URL: https://resource.cdn.icai.org/48698asb32688.pdf


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