The Ministry of Corporate Affairs, (MCA), on September 28, 2024, notified the Companies (Indian Accounting Standards) Third Amendment Rules, 2024 to further amend the Companies (Indian Accounting Standards), 2015.
The following has been stated-
•After the Annexure to the said rules and the entries relating thereto, the SCHEDULE [See proviso to rule 5] Indian Accounting Standard (Ind AS) 104 Schedule shall be inserted.
•In rule 5, the following proviso shall be inserted, namely: - ―Provided 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 shall, as specified in the Schedule to these rules, continue to apply.
[Notification No. G.S.R. 602(E)]
