Ind AS 117, effective April 1, 2024, represents a significant shift in Indian Accounting Standards by aligning with IFRS 17. This standard aims to enhance transparency and comparability in financial reporting. It applies to all entities issuing insurance or reinsurance contracts, holding reinsurance contracts, or managing investment contracts with discretionary participation features, covering sectors such as life insurance, general insurance, and reinsurance. Significantly, it extends beyond insurers to include other relevant entities. This article explores the following key areas:
‣ Scope of Ind AS 117
‣ Exclusions from Ind AS 117
‣ Recognition of Insurance Contracts
‣ Measurement of Insurance Contracts
‣ Derecognition of Insurance Contracts
‣ Presentation and Disclosure Requirements
‣ Transition Guidance for Ind AS 117
‣ Key Characteristics of Ind AS 117
‣ Challenges and Opportunities
