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The 2026 edition of the Ind AS compliant Example Consolidated Financial Statements aims to promote high‑quality and consistent implementation of applicable financial reporting framework requirements in India. These financial statements have been prepared in accordance with the Indian Accounting Standards (Ind AS) specified under Section 133, read with Division II of Schedule III of the Companies Act, 2013.
These Example Consolidated Financial Statements, have been developed based on the activities and financial outcomes of Illustrative India Limited and its subsidiaries (collectively referred to as ‘the Group’ or the ‘Illustrative India Group’) — a fictional entity engaged in consulting, services, telecommunication system construction, and retail operations. The Group has been reporting under Ind AS for several years.
These illustrative financial statements are intended to serve as a learning resource and reference guide. They are not designed to function as a definitive template and should be considered alongside applicable industry‑specific standards and regulatory requirements. The objective is to demonstrate one possible approach to reporting transactions commonly encountered across general business sectors.
The 2026 version incorporates practical guidance and illustrative disclosures on following selected topics, that include recent amendments to accounting standards:
We are pleased to present the October 2026 edition of The Tax Controversy Chronicle - Grant Thornton Bharat’s quarterly publication that spotlights key judicial developments across direct tax, indirect tax, Foreign Exchange Management Act (FEMA), and transfer pricing.
Grant Thornton Bharat’s PolicyCast is your window into policy, tax, and regulatory developments. Each episode features expert perspectives on issues that matter to businesses, individuals, and the wider economy.
After a gap of more than a year, industry had high expectation from the 57th GST Council Meeting to pave the way for next phase of India's GST journey and this anticipation has been well justified.
