Companies (Indian Accounting Standards) Amendment Rules, 2024

Companies (Indian Accounting Standards) Amendment Rules, 2024

G.S.R. 492 (E).—In exercise of the powers conferred by section 133 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government, in consultation with the National Financial Reporting Authority, hereby makes the following rules further to amend the Companies (Indian Accounting Standards) Rules, 2015, namely: —

1. (1) These rules may be called the Companies (Indian Accounting Standards) Amendment Rules, 2024.
   (2) They shall come into force on the date of their publication in the Official Gazette.
   
2. In the Companies (Indian Accounting Standards) Rules, 2015 (hereinafter referred to as the said rules), in the “Annexure”, under the heading “B. Indian Accounting Standards (Ind AS)”, —
   
   (A) in “Indian Accounting Standard (Ind AS) 101”, —
   
   (i) for paragraph 39AE, the following paragraph shall be substituted, namely: —
   “39AE Ind AS 117, Insurance Contracts, amended paragraphs B1 and D1, deleted the heading before paragraph D4 and paragraph D4, and after paragraph B12 added a heading and paragraph B13.
   An entity shall apply those amendments when it applies Ind AS 117.”
   
   (ii) in Appendix B, —
   
   (a) in paragraph B1, for item (h), the following item shall be substituted, namely: —
   “(h) insurance contracts (paragraph B13); and”
   
   (b) for paragraph B13, the following paragraph shall be substituted, namely: —
   “Insurance contracts
   B13 An entity shall apply the transition provisions in paragraphs C1–C24 and C28 in Appendix C
   of Ind AS 117 to contracts within the scope of Ind AS 117. The references in those paragraphs
   in Ind AS 117 to the transition date shall be read as the date of transition to Ind ASs.”

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