Implementation of Indian Accounting Standards (Ind AS) in insurance sector
- Bank and Insurers shall comply with the Indian Accounting Standards (Ind AS) for financial statements for accounting periods beginning from April 1, 2018 on wards, with comparatives for the periods ending March 31, 2018. Ind AS shall be applicable to both standalone financial statements and consolidated financial statements. "Comparatives" shall mean comparative figures for the preceding accounting period.
- Bank and Insurers shall apply Ind AS only as per the above timelines and shall not be permitted to adopt Ind AS earlier.