Business consulting services
Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle.
Business process solutions
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
Business risk services
The relationship between a company and its auditor has changed. Organisations must understand and manage risk and seek an appropriate balance between risk and opportunities.
As organisations become increasingly dependent on digital technology, the opportunities for cyber criminals continue to grow.
Forensic and investigation services
At Grant Thornton, we have a wealth of knowledge in forensic services and can support you with issues such as dispute resolution, fraud and insurance claims.
Mergers and acquisitions
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.
Recovery and reorganisation
Workable solutions to maximise your value and deliver sustainable recovery
Transactional advisory services
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
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.
Audit quality monitoring
Having a robust process of quality control is one of the most effective ways to guarantee we deliver high-quality services to our clients.
Global audit technology
We apply our global audit methodology through an integrated set of software tools known as the Voyager suite.
Corporate and business tax
Our trusted teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
Direct international tax
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
Global mobility services
Through our global organisation of member firms, we support both companies and individuals, providing insightful solutions to minimise the tax burden for both parties.
Indirect international tax
Using our finely tuned local knowledge, teams from our global organisation of member firms help you understand and comply with often complex and time-consuming regulations.
Innovation and investment incentives
Dynamic businesses must continually innovate to maintain competitiveness, evolve and grow. Valuable tax reliefs are available to support innovative activities, irrespective of your tax profile.
Private client services
Our solutions include dealing with emigration and tax mitigation on the income and capital growth of overseas assets.
The laws surrounding transfer pricing are becoming ever more complex, as tax affairs of multinational companies are facing scrutiny from media, regulators and the public
Tax policies are constantly evolving and there are a number of complex changes on the horizon that could significantly affect your business.
Metrics and targets
The ISSB decided to make minor changes which clarify that the objective is to require entities to disclose information about both:
- the metrics the entity uses to measure, monitor and manage sustainability-related risks and opportunities (even if those metrics are not currently required by IFRS Sustainability Disclosure Standards), and
- the metrics required by IFRS Sustainability Disclosure Standards (even if the entity does not use these metrics).
Financial effects of connected information
Entities will need to disclose the current and anticipated financial effects of sustainability-related risks and opportunities of both a quantitative and qualitative nature using reasonable and supportable information. If they are unable to provide the detail required, entities should explain why not and disclose what information they have to the most granular level they have available.
Entities will also need to assess how information about these risks and opportunities is linked to information in the general-purpose financial statements.
Disclosure of judgements, assumptions and estimates
The ISSB decided to require entities to disclose the judgements they have made that have had the most significant effects on their disclosures about their sustainability-related risks and opportunities. They also decided to require entities to identify the sources of guidance that was used to prepare their sustainability-related financial disclosures, including the industry or industries specified in IFRS Sustainability Disclosure Standards, SASB Standards or other industry-based sources of guidance. These requirements should provide useful guidance to assist entities when disclosing their judgements, assumptions and estimates that they have made.
In addition, the ISSB decided to clarify that the disclosure requirements on estimation uncertainty relating to metrics also apply to current and anticipated effects of sustainability-related risks and opportunities on the entity’s financial position, financial performance and cash flows. This estimation uncertainty includes estimation uncertainty that has a significant risk of resulting in a material adjustment within the next financial year to the carrying amounts of assets and liabilities reported in the entity’s financial statements.
The ISSB also decided to clarify that the words ‘to the extent possible’ in draft IFRS S1 mean ‘to the extent possible considering the requirements of IFRS Accounting Standards or other relevant generally accepted accounting principles’. The ISSB will also require entities to disclose information about any significant differences between the financial data and assumptions they used to prepare their sustainability-related financial disclosures and the financial data and assumptions used to prepare their financial statements.
Reasonable and supportable information
The ISSB agreed to introduce the concept of ‘reasonable and supportable information that is available at the reporting date without undue cost or effort’ into IFRS S1 and IFRS S2, to assist entities when applying specific requirements in the Standards.
Commercially sensitive information about opportunities
The ISSB approved an exemption in IFRS S1 permitting entities to exclude disclosing sustainability-related opportunities, when that information is commercially sensitive. However, this exemption will only be able to be used in limited circumstances.
Using scenario analysis to assess climate resilience
The ISSB also decided to require entities to prepare disclosures using a method of climate-related scenario analysis that after considering all reasonable and supportable information available at the reporting date can be obtained without undue cost or effort. This could include information about past events, current conditions and forecasts of future economic conditions.
Greenhouse gas emissions - Reporting period relief
The ISSB opted to provide relief allowing entities to measure GHG emissions using information for reporting periods that are different from the entity’s own reporting period. This relief applies when that information arises from entities in its value chain that have reporting periods that are different from the entity’s own reporting period, on condition the reporting periods are the same length, it is based on the most recent data available without undue cost or effort, and the reporting entity discloses any effects of significant events and changes that occurred between the two reporting periods.
Climate-related targets—Latest international agreement on climate change
The ISSB opted to change the requirement for entities to disclose how any climate-related targets set have been informed by the latest international agreement on climate change, including disclosing the jurisdictional commitments that arise from that agreement. The ISSB signalled the basis for conclusions on IFRS S2 will explain why this requirement will assist the users of general-purpose financial reporting.
Anticipated release date
The ISSB indicated they would make their final decisions on these two standards in its February meeting. Given the IFRS Foundation’s due processes it anticipates releasing IFRS S1 and IFRS S2 in their final form in June 2023.
Get in touch
If you would like to discuss any of the points raised, please speak to your usual Grant Thornton contact or your local member firm.