Rule 5 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 1Text omitted by amendmentWords "either voluntarily or mandatorily" omitted by G.S.R. 365(E), dated 30th March, 2016 (Companies (Indian Accounting Standards) (Amendment) Rules, 2016), w.e.f. 30th March, 2016. as specified in sub-rule (1) of rule 4.
2Proviso ins. by G.S.R. 602(E), dated 28th September, 2024 (Companies (Indian Accounting Standards) Third Amendment Rules, 2024), w.e.f. 28th September, 2024.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.
1. Words "either voluntarily or mandatorily" omitted by G.S.R. 365(E), dated 30th March, 2016 (Companies (Indian Accounting Standards) (Amendment) Rules, 2016), w.e.f. 30th March, 2016.
2. Proviso ins. by G.S.R. 602(E), dated 28th September, 2024 (Companies (Indian Accounting Standards) Third Amendment Rules, 2024), w.e.f. 28th September, 2024.