Quarterly GAAP Bulletin – July 2026

Key accounting, auditing, and regulatory updates

The latest edition of the Quarterly GAAP Bulletin summarises significant accounting, auditing, and regulatory updates, compiled to meet the needs of dynamic Indian businesses and focuses on key developments in India and across the globe.

This edition covers updates from April to June 2026. 

Key updates

• The ICAI has issued the 13th edition of its Code of Ethics, introducing various updates to the ethical and independence framework applicable to chartered accountants in India.
• The EAC of the ICAI has issued various opinions on accounting matters.
• The NFRA has issued an updated Audit Quality Inspection guideline that establishes a comprehensive framework for inspecting audit firms.
• The SEBI has issued notifications for InvITs for clarifying the ‘permissible use’ of borrowings.
• The RBI has notified a new framework for banks for asset classification, provisioning, and income recognition for commercial banks (ACPIR) directions, and consequential amendments have been issued.
• The RBI has permitted banks to extend finance to REITs and aligned InvIT lending norms with REIT guidelines by introducing uniform prudential safeguards and exposure limits.
• The RBI has restored timelines for the realisation and repatriation of export proceeds under FEMA.
• The Income-tax Act, 2025, has replaced the Income-tax Act, 1961, and is effective from 1 April 2026, introducing a simplified and streamlined direct tax framework.
• The Central Rules 2026 under the Labour Codes and other related notifications by the Ministry of Labour & Employment.
• The IASB has issued a new standard, IFRS 20, Regulatory Assets and Regulatory Liabilities, and amended IAS 28, Investments in Associates and Joint Ventures.

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Quarterly GAAP Bulletin

July 2026

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