Globalisation and company growth ambitions are driving an increase in M&A activity worldwide. We work with entrepreneurial businesses in the mid-market to help them assess the true commercial potential of their planned acquisition and understand how the purchase might serve their longer- term strategic goals.
The International Financial Reporting Standards (IFRS) are a set of global accounting standards developed by the International Accounting Standards Board (IASB) for the preparation of public company financial statements. At Grant Thornton, our IFRS advisers can help you navigate the complexity of financial reporting from IFRS 1 to IFRS 17 and IAS 1 to IAS 41.
Significant changes to the dynamic of the financial services sector in recent years have shifted the paradigms in how we work. The increased digitisation of the workforce, changes in business models, globalisation, and remote working capabilities have led to a new approach to the delivery of services.
Professional services firms will have no doubt conducted numerous surveys among employees in recent months to gauge wants and expectations post-COVID.
For most, the message has been resounding… We can’t simply go back to the way things were.
Agile working has been a buzzword for many years, but having been forced into its clasp since March, we’re now beyond reasonable doubt that a more flexible, employee-focused and open-minded work structure is not just feasible or preferable. It’s better.
As we reach that critical transition stage, moving out of lockdown and back into a semblance of normality, it’s decision time for firms as to whether they’ll indulge these calls for prolonged change, or whether they choose to slip back into old habits.
Professional services as an industry needs to turn the Software-as-a-Service (SaaS) model on its head in order to overcome the current COVID-driven climate, and to finally veer away from the rigid hourly model that has engulfed the sector for so long.
Traditional SaaS propositions begin with the requisite technology, and then proceed to compose a complementing service to help deliver that technology. For our industry, the service is inherent, but what has been lacking is an optimum capitalisation of digital tools to extract more value from that service.
With the situation we have now, amid a pandemic that is forcing everyone to rethink best practices, critical necessities, and new norms, many companies are going from thriving to barely surviving overnight.
Companies outsource back-office business processes mainly to boost efficiency and reduce costs. Payroll, HR and accounting processes – the most common to be outsourced – are heavily transactional, and many companies determine that external specialists can execute these far more cost-effectively than they can themselves.
Outsourcing remains widely utilized by businesses across both sides of the Atlantic. The UK is seeing increasing utilization of outsourcing services across a number of industries, including the IT, HR, tax, and finance and accounting (F&A) functions within companies. And a recent survey shows that this continues to be attractive to companies within the USA, UK and EU.
After more than five years in development the IASB and FASB have at last published their new, converged Standard on revenue recognition – IFRS 15 ‘Revenue from Contracts with Customers’. IFRS 15 replaces IAS 18 and IAS 11 and will affect almost every revenue-generating entity that applies IFRSs. We applaud the two Boards for delivering a converged Standard in this critical area.