Monthly Tax Bulletin: June 2026
NewsletterThe June 2026 edition of the Grant Thornton Bharat Monthly Tax Bulletin provides a concise summary of key developments in direct taxes, FEMA, transfer pricing, and indirect taxes for May 2026.
Ind AS Example Consolidated Financial Statements 2026
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.
What has changed from 2025?
The 2026 version incorporates practical guidance and illustrative disclosures on following selected topics, that include recent amendments to accounting standards:
1.
Supplier finance arrangements
2.
International tax reform (Pillar Two model rules)
3.
Insurance contracts for non‑insurers and warranties
4.
Material accounting policy information
Our insights
From emergency tariffs to structured trade enforcement: How evolving US trade strategy may reshape India–US trade
ArticleThe United States’ tariff strategy is undergoing a significant legal, economic and geopolitical transition. Recent court rulings striking down sweeping emergency-based tariff measures initially suggested that Washington’s aggressive protectionism might be losing momentum. Yet the broader direction of US trade policy remains unmistakably protectionist. What is changing is not the objective, but the method.
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9 min read
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15 Jun 2026
What Ind AS 118 reveals about the evolution of corporate reporting
ArticleMost accounting standards change processes. Some change disclosures. A few quietly change the conversation. I believe Ind AS 118 belongs in the third category.