Page 26 - IC46 addendum

General Insurance Accounts (IC-46)

ventures or associate of a parent company,
then IND AS will be applicable.
d. In case of any conflict between IND AS and
any other statute, the provisions of the relevant
law or regulations shall prevail and the
financial statements shall be prepared
accordingly.
e. All are correct.

33. IND AS 101 as notified by MCA deals
with:

a. First-time adoption of Indian accounting
standards.

b. Share-based payment.
c. Business combinations.
d. Insurance contracts.
e. Non-current assets held for sale and

discontinued operations.

34. IND AS 102 as notified by MCA deals
with:

a. First-time adoption of Indian accounting
standards.

b. Non-current assets held for sale and
discontinued operations.

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