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Rule 5: Exemptions · Complied AI

Chapter 19
Rule 5

Rule 5Chapter 19

Exemptions

Exemptions.-

The insurance companies, banking companies and non-banking finance companies shall not be required to apply Indian Accounting Standards (Ind AS) for preparation of their financial statements either voluntarily or mandatorily as specified in sub-rule (1) of rule 4.

Proviso

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.

Notes, amendments & references (1)

Inserted vide Companies (Indian Accounting Standards) Third Amendment Rules, 2024 dated 28.09.2024. To view the notification, Click Here .

Rule 4 Rule 5 Rule 1