Impact of Ind AS Implementation on Financial Statements of Insurance Companies in India

Abstract

An accounting standard is a principle that guides and standardizes the business transactions and other events that are to be recognized, measured, presented, and disclosed in financial statements. The global competitiveness, rapid growth of international trade and Internationalization of Indian firms has created the need of global harmonization of accounting standards. In reorganization of the facts, MCA, Govt. of India notified the phase wise roadmap for Ind AS to be implemented by the companies in India.