Section 5 in The Companies (Indian Accounting Standards) Rules, 2015
5. Exemptions.
- [The Banking Companies and Insurance Companies shall apply the Ind ASs as notified by the Reserve Bank of India (RBI) and Insurance Regulatory Development Authority (IRDA) respectively. An insurer or insurance company shall however, provide Ind AS compliant financial statement data for the purposes of preparation of consolidated financial statements by its parent or investor or ventures, as required by the parent or investor or ventures to comply with the requirements of these rules.] [Substituted '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.' by Notification No. G.S.R. 365(E), dated 30.3.2016 (w.e.f. 16.2.2015).]Annexure[See rule 3]A. General Instruction. - (1) Indian Accounting Standards, which are specified, are intended to be in conformity with the provisions of applicable laws. However, if due to subsequent amendments in the law, a particular Indian Accounting Standard is found to be not in conformity with such law, the provisions of the said law shall prevail and the financial statements shall be prepared in conformity with such law.(2)Indian Accounting Standards are intended to apply only to items which are material.(3)The Indian Accounting Standards include paragraphs set in bold italic type and plain type, which have equal authority. Paragraphs in bold italic type indicate the main principles. An individual Indian Accounting Standard shall be read in the context of the objective, if stated, in that Indian Accounting Standard and in accordance with these General Instructions.B. Indian Accounting Standards (Ind AS)Indian Accounting Standard (Ind AS) 101First-time Adoption of Indian Accounting Standards(This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.)Objective
