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Advisory

Our progressive thinkers offer services to help create, protect and transform value today, so you have opportunity to thrive tomorrow.

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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.
Cybersecurity
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.
Valuations
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.

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Business resilience Retuning your business

It's time to pause, reset, and go. We take a look at the internal enablers and external drivers to reset your business.

28 Oct 2020

Assurance

Our services can strengthen your business and stakeholders' confidence. You'll receive professionally verified results and insights that help you grow.

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IFRS
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.

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IFRS Insights into IFRS 16

Are you ready for IFRS 16? This series of insights will help you prepare.

Sarah Carroll

| 24 Nov 2020

Tax

Our tax services help you gain trust and stay ahead, enabling you to manage your tax transparently and ethically.

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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.
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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.
Transfer pricing
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

Asset management

Increasing regulation and investor demands for returns and transparency continue to challenge the asset management sector.

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Automotive

We offer an extensive range of services to automotive sector stakeholders from supply chain through to distribution, retail and usership. With a variety of...

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Banking

Our global banking team are an integrated team of experienced industry professionals with in-depth knowledge of financial services institutions.

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Business services

We have considerable expertise in advising the business services sector gained through working with many business support organisations.

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Energy and natural resources

Energy markets worldwide are undergoing major changes. Grant Thornton can help you capitalise on opportunities to unlock your potential for growth.

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Healthcare

Demographic, organisational and resourcing issues are radically changing the global healthcare industry.

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Insurance

Following world events such as the COVID-19 pandemic, Brexit, and changes to regulation and digitalisation, insurers must be alert to the challenges ahead.

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Life sciences

The life sciences industry reaches across biotechnology, pharmaceutical and medical devices, medical technology as well as other industry sub-sectors.

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Media

The media industry is in the grip of a technological revolution as the industry responds to the shift to digital and personalisation.

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Not for profit

We understand the commitment and scrutiny within this sector and will work with you to meet these challenges.

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Private equity

We help businesses navigate today’s changing private equity landscape, ensuring that you can respond to ever-changing regulations and investor demands.

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Public sector

Across the globe, countries are moving towards leaner, more commercial, locally focused and responsive government and public sectors.

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Real estate and construction

At Grant Thornton, we aim to help you successfully read the turns of the industry and navigate this shifting landscape.

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Retail

The past two years saw the retail industry experience significant disruption, however there will still be opportunities to effectively reposition for future...

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Technology

Rapid change and complexity have always been hallmarks of the technology industry. And it is even more so today.

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Telecommunications

Despite facing pressure, telecommunication companies are handling the roll-out of new network technologies and an insatiable demand for bandwidth.

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Travel, tourism and leisure

The COVID-19 pandemic caused unprecedented levels of disruption to the global travel industry. As this evolves, it is unclear what recovery looks like.

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Sustainability

ISSB provides further transitional reliefs for first year reporting

By:

Sarah Carroll

13 Apr 20232 min read

At its April meeting, the International Sustainability Standards Board (ISSB) decided to add to the transitional reliefs already proposed in relation to the adoption of its first two Sustainability Standards – IFRS S1 ‘General Requirements for Disclosure of Sustainability-related Financial Information’ and IFRS S2 ‘Climate-related Disclosures’.

The announcements mean reporting entities will only need to report sustainability risks and opportunities in relation to climate in the first year. Reporting entities will then need to report on their complete range of sustainability risks and opportunities, including climate from the second year onwards.

The full set of transitional reliefs mean that in the first year of reporting, entities do not need to:

provide disclosures about sustainability-related risks and opportunities on topics other than climate-related information
provide comparative information
provide annual sustainability-related disclosures at the same time as the related financial statements
disclose Scope 3 greenhouse gas emissions
use the Green House Gas Protocol to measure emissions, if they are currently using a different approach.

The ISSB has made this decision because investors indicated that while they need sustainability-related information across all areas, climate-related information is the most urgent.

This relief in conjunction with the other reliefs already provided, means:

that comparative information in year two only needs to be on climate-related information (assuming the reporting entity takes advantage of the relief only to report on climate-related risks and opportunities in the first year)
reporting entities can focus on meeting investor needs in relation to climate initially
reporting entities can use the first year to become familiar with the requirements of IFRS S1 using climate as a basis, before having to report on other areas
reporting entities can take time mapping out their value chain in year one, taking advantage of not having to disclose the Scope 3 emissions.

The ISSB are still on track to release its first two Sustainability Standards; IFRS S1 and IFRS S2 towards the end of Q2 2023, with their effective date being 1 January 2024.

Our thoughts

We support the ISSB providing relief to reporting entities so only climate-related risks and opportunities need to be reported in the first year. Given the short implementation time frame, some reporting entities may find it challenging to meet all the requirements set out in the new Standards in the first year. This relief will enable reporting entities to initially embed systems and procedures to provide high quality disclosures on climate-related risks and disclosures before focusing on other areas.

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.

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