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    Question

    Which IND AS governs accounting for insurance

    transactions in India?
    A IND AS 101 Correct Answer Incorrect Answer
    B IND AS 102 Correct Answer Incorrect Answer
    C IND AS 104 Correct Answer Incorrect Answer
    D IND AS 105 Correct Answer Incorrect Answer
    E IND AS 109 Correct Answer Incorrect Answer

    Solution

    Explanation A) IND AS 101 deals with the First-time Adoption of Indian Accounting Standards. B) IND AS 102 addresses the accounting treatment of share-based payment transactions, such as equity-settled and cash-settled share-based payments. C) IND AS 104 specifically covers the accounting requirements for insurance contracts. D) IND AS 105 relates to the accounting treatment for non-current assets held for sale and discontinued operations. E) IND AS 109 relates to the accounting for financial instruments, such as recognition, measurement, and derecognition of financial assets and liabilities.

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