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Why Grant Thornton
Whether you’re growing in one market or many, looking to operate more effectively, managing risk and regulation, or realising stakeholder value, our firms can help.
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Culture and experience
Grant Thornton’s culture is one of our most valuable assets and has steered us in the right direction for more than 100 years.
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Global scale and capability
Beyond global scale, we embrace what makes each market unique, local understanding on a global scale.
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Join our network
In a world that wants more options for high quality services, we differentiate in the market to grow sustainably in today’s rapidly changing environment.
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Leadership governance and quality
Grant Thornton International Ltd acts as the coordinating entity for member firms in the network with a focus on areas such as strategy, risk, quality monitoring and brand.
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Africa
24 member firms supporting your business.
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Americas
31 member firms, covering 44 markets and over 20,000 people.
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Asia-Pacific
19 member firms with nearly 25,000 people to support you.
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Europe
53 member firms supporting your business.
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Middle East
8 member firms supporting your business.
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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.
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Business process solutions
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
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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.
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Cybersecurity
As organisations become increasingly dependent on digital technology, the opportunities for cyber criminals continue to grow.
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Forensic 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.
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Mergers and acquisitions
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.
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Recovery and reorganisation
Workable solutions to maximise your value and deliver sustainable recovery.
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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.
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Valuations
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
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IFRS
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.
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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.
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Global audit technology
Our global assurance technology platform provides the ability to conduct client acceptance, consultations and all assurance and other attestation engagements.
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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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Direct international tax
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
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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.
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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.
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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
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Africa tax desk
A differentiating solution adapted to the context of your investments in Africa.
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Banking Holding banking to account: the real diversity and inclusion pictureWe explore how the banking sector can continue to attract, retain and nurture women to build a more diverse and inclusive future.
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Sustainability From voluntary to mandatory ESG: How banks can future-proof their operationsAs we move from voluntary ESG initiatives to mandatory legislation, we explore what the banking sector needs to prioritise.
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IFRS IFRS 9 - Audit of Expected Credit LossesGPPC releases The Auditor’s response to the risks of material misstatement posed by estimates of expected credit losses under IFRS 9
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growthiQ Steering your company to long-term successHistory has something important to tell us about the difficulties of steering a business to long-term success – through seismic shifts in technology, consumer demands and product development. With that in mind it’s unsurprising that over half the world’s largest companies in the early 1900s had shut their doors by the late 1990s. Some, however, have endured.
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International Financial Reporting Standards Implementation of IFRS 17 ‘Insurance Contracts’The auditor’s response to the risks of material misstatement arising from estimates made in applying IFRS 17 ‘Insurance Contracts’
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IFRS Get ready for IFRS 17After twenty years of development the IASB has published IFRS 17 ‘Insurance Contracts’, find out more.
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - Sector analysis Clear patterns of damage from COVID-19 across the industriesThe index results for 12 key sectors of the mid-market reveal just how much or little the various parts of the economy were impacted by COVID-19.
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Not for profit Mission: possible – putting impact at the heart of charityGlobal charitable continues to decline and charity leaders are increasingly looking at their own unique impact journey.
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Access to finance Raise finance to invest in changePrepare your business to raise finance to invest in change.
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Private equity firms Private equity in the mid-market: reshaping strategies for 2021When the global COVID-19 pandemic stormed across the globe in early 2020, the private equity sector was hit hard but deals are coming back to the market.
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Mid-market businesses Getting ready for private equity investmentOur specialists explore how private equity firms are now working with their portfolios and how the mid-market can benefit from investment.
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Mid-market businesses Myth-busting private equityNervous about partnering with Private Equity? We explore some of the common myths we come across when speaking to mid-market businesses about PE investment.
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Public sector Helping build the government of tomorrow, todayLearn about the Grant Thornton US public sector team.
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - Sector analysis Clear patterns of damage from COVID-19 across the industriesThe index results for 12 key sectors of the mid-market reveal just how much or little the various parts of the economy were impacted by COVID-19.
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Industries European Real Estate PodcastJessica Patel, Tax Partner at Grant Thornton UK speaks with tax partners and directors across the network to share their insights on the real estate market and some of the challenges.
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Industries European Real Estate PodcastJessica Patel, Tax Partner at Grant Thornton UK speaks with tax partners and directors across the network to share their insights on the real estate market and some of the challenges.
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Retail How retail is positioning for successCOVID-19 provided some hard lessons for the retail industry. It is time to turn those into sustainable and well executed growth strategies in 2021.
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Telecoms Can tech and telecom leverage economic headwindsAs most businesses brace for an economic downturn, tech and telecom could see new prospects. But, to turn the headwinds to your advantage, you need to find your unique opportunities and risks.
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Technology Mid-market tech companies lead the way on diversity and inclusionWe explore how the mid-market tech sector can continue to build and nurture a culture that’s increasingly more diverse and inclusive for women.
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Tax Resetting global tax rules after the pandemicBusinesses are seeing rising challenges, and finance heads are dealing with a range of new measures. To say the next 12 months are critical for businesses is an understatement.
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TECHNOLOGY International tax reform: the potential impact on the technology industryIn this article, we’ve summarised key elements of the global tax reform proposals, their potential impact on technology industry and advice from our digital tax specialists on what technology companies can do to prepare.
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Telecoms Can tech and telecom leverage economic headwindsAs most businesses brace for an economic downturn, tech and telecom could see new prospects. But, to turn the headwinds to your advantage, you need to find your unique opportunities and risks.
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TMT TMT industry: Fully charged or on standby?Our research revealed five key trends that resonated with Technology, Media and Telecoms (TMT) industry leaders around the world. We asked a panel of our experts from UK, US, India Ireland and Germany, to give us their reaction to the findings.
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Cybersecurity One size fits nothingTechnology companies must adopt a new approach to digital risk: those that successfully develop a reputation for digital trust by demonstrating an unwavering commitment to cyber security and data privacy will be able to carve out a competitive advantage.
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Technology, media & telecommunications Why it’s time for a 5G reality checkFigures suggest the mobile sector is maturing. While data usage continues to soar, mobile revenues are expected to flatten out over the next few years.
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International business Mid-market businesses lifted by rising tide of optimismOptimism among global mid-market business leaders rose to 67% in the first half of this year and they are markedly more optimistic about their prospects with global optimism having increased by 8%.
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Hotels COVID-19: Checking in with the hotel industry one year onCOVID-19 provided some hard lessons for the hotel sector. It is time to turn those into sustainable and well executed growth strategies.
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
- By topic
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Women in Business 2024
2024 marks the 20th year of monitoring and measuring the proportion of women occupying senior management roles around the world.
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COP28: Mid-market firms should seize the opportunity from adaption and innovation
COP28 was the first time there has been a global stocktake on progress against the Paris Agreement.
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Scanning the horizon: Mid-market sets sights on global trade growth
The latest International Business Report (IBR) data shows that mid-market businesses have high expectations for global trade.
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Mid-market sees business optimism reach record high
Grant Thornton's latest International Business Report (IBR) sees optimism among mid-market business leaders reach a record high with 74% optimistic about the outlook for their economy over the next 12 months.
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Women in tech: A pathway to gender balance in top tech roles
Grant Thornton’s 2024 Women in Business data suggests we are far from achieving parity within the mid-market technology sector.
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Women in leadership: a pathway to better performance
What makes the benefits of gender parity compelling is the impact it can have on commercial performance.
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Women in Business 2024
2024 marks the 20th year of monitoring and measuring the proportion of women occupying senior management roles around the world.
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Women in business: Regional picture
We saw an increase in the percentage of senior management roles held by women, on a global level, but there are some significant regional and country variations.
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Pathways to Parity: Leading the way
To push towards parity of senior management roles held by women, who leads within an organisation is vital.
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Generating real change with a long-term focus
The most successful strategy to achieve parity of women in senior management is one which stands alone, independent of an ESG strategy.
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People at the heart of great business
Businesses have started to put guidelines and incentives in place, focused on driving employees back to the office.
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Focusing and developing a solid strategy around diversity, equity and inclusion
Grant Thornton Greece is pioneering a growing set of diversity, equity and inclusion (DE&I) initiatives that centre around three strategic pillars.
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Ten considerations for preparing TCFD climate-related financial disclosures
Insights for organisations preparing to implement the International Sustainability Standards Board (ISSB)’s Standards.
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COP28
COP28 was the first time there has been a global stocktake on progress against the Paris Agreement.
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Transition Plan Taskforce publishes its final disclosure framework
As organisations in the private sector make commitments and plans to reach net zero, there's a growing need for stakeholders to be able to assess the credibility of their transition plans.
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Promoting ESG excellence through tax
ESG considerations have never been more important for an organisation’s long-term success, but how can tax be used to add value to an ESG agenda?
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International business: Mid-market growth and expansion
The mid-market looks to international business opportunities for growth.
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Top five constraints to international business in the mid-market
Top five major constraints that are testing the mid-market’s ability to grow their businesses internationally.
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Brand and international marketing – breaking global barriers
Brand has been identified as a key driver of mid-market success when looking to grow and develop international business.
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The key to international business: Investing in people
How can recruitment and retention help grow international business?
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Building resilience in international business
Evolving supply chains and trade patterns amid ongoing global uncertainty.
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IFRS Alerts
IFRS Alerts covering the latest changes published by the International Accounting Standards Board (IASB).
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Example Financial Statements
General guidance for preparers of financial statements that supports the commitment to high quality, consistent application of IFRS.
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Insights into IFRS 2
Insights into IFRS 2 summarises the key areas of the Standard, highlighting aspects that are more difficult to interpret and revisiting the most relevant features that could impact your business.
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IFRS 3
Mergers and acquisitions are becoming more common as entities aim to achieve their growth objectives. IFRS 3 ‘Business Combinations’ contains the requirements for these transactions.
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IFRS 8
Our ‘Insights into IFRS 8’ series considers some key implementation issues and includes interpretational guidance in certain problematic areas.
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IFRS 16
Are you ready for IFRS 16? This series of insights will help you prepare.
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IAS 36
Insights into IAS 36 provides assistance for preparers of financial statements and help where confusion has been seen in practice.
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IFRS 17
Explaining the key features of the Standard and providing insights into its application and impact.
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Pillar 2
Key updates and support for the global implementation of Pillar 2.
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Global expatriate tax guide
Growing businesses that send their greatest assets – their people – overseas to work can face certain tax burdens, our global guide highlights the common tax rates and issues.
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International indirect tax guide
Navigating the global VAT, GST and sales tax landscape.
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Global transfer pricing guide
Helping you easily find everything you need to know about the rules and regulations regarding transfer pricing and Country by Country reporting for every country you do business with.
When the international Financial Stability Board (FSB) created TCFD in 2015, the goal was clear: to identify the types of information companies should disclose to give investors, lenders and other stakeholders an accurate handle on the climate-related risks that might affect a business’s value.
“TCFD is playing a central role in bringing clarity to company disclosures, driving the largest single change in how companies disclose since the formation of the U.S. Securities and Exchange Commission (SEC) in the 1930s,” outlines Mark Lemon, senior manager in ESG and sustainability at Grant Thornton LLP (US).
In a complex and confusing landscape of regulations and standards, adoption of TCFD recommendations is growing rapidly. According to the TCFD 2022 Status Report, support for the framework now spans 99 countries, and nearly all sectors of the economy, with a combined market capitalisation of over $26trn. The report shows that 80% of companies disclose in line with at least one of the TCFD’s 11 recommended disclosures.
In 2021, the TCFD disclosures were the foundation of the establishment of a global sustainability reporting framework, led by the International Sustainability Standards Board (ISSB). Its first set of standards is set to be released early 2023.
As Sarah Carroll, director – sustainability reporting at Grant Thornton International Ltd, explains: “The quality of TCFD as a framework is proven by the fact the ISSB is using it as a foundation for its future standards. The architecture and terminology of the ISSB framework draws heavily on the TCFD guidance.”
With the need to report on climate impacts becoming more urgent, and larger businesses increasingly enforcing compliance throughout their supply and value chains to meet their own reporting requirements, mid-market companies must act now to ensure they’re not left behind in the future.
The case for urgency on TCFD
“Investors are looking for companies that behave as though 2050 is in 10 years’ time, not 28,” warns Katerina Katsouli, ESG and sustainability director at Grant Thornton Greece.
The message is clear: investors will abandon companies that fall behind their competitors in implementing change. Grant Thornton’s latest research into the global mid-market confirms this – boosting reputation with stakeholders is considered a significant benefit of climate-related reporting, cited by 25% of businesses.[i]
And the issues extend beyond investor demands. Laura Tibbetts, associate director in Grant Thornton UK’s financial accounting advisory services team, highlights how many financial institutions are now required to link disclosures in their financial statements and lending portfolios to their progress towards net-zero.
“There’s a risk that companies without a credible transition strategy to net-zero might find funding becoming unavailable or more expensive, because without one they represent an increased risk to the lender,” Tibbetts explains.
Katsouli says powerful commercial imperatives are at play. “The European economy will be completely different in terms of products and services in 10 years. Companies that invest in environmentally friendly technologies and products will achieve sustainable competitive advantage, while those that do not will face major development challenges.”
Businesses that embed climate-change awareness and mitigation throughout the organisation, from the shop floor to the board, will generate the greatest business advantages from the transition, believes Tibbetts. “The need to report is forcing companies to become more sustainable in their behaviour, which in turn is making them more appealing to investors, customers, lenders and other stakeholders,” she says. “It’s a virtuous circle.”
Embracing TCFD: The challenges for business
The advantages of reporting are significant, but so are the challenges involved in meeting the FSB’s recommendations. These include difficulties rooted in the TCFD’s own framework for the type of disclosures made.
Three major difficulties arise. First is the limited or non-existent experience of first-time reporters when it comes to analysing and reporting accurately on the climate-change scenario affecting their organisations. This not only generates risk; it drives the need for new or realigned resource and expertise, either within the business or externally.
Second is access to the relevant data – particularly difficult for smaller businesses that haven’t historically had the research capabilities to crunch the relevant ESG-related information.
Third is the issue of governance. Does the board have the processes and internal controls in place to keep abreast of climate-related matters? Does it take climate issues into account when setting strategy? And how does it measure progress? The same questions apply to management.
The actionable guide below illustrates how businesses can address these challenges.
Where should you start on TCFD?
1. Understand the timeframe and complexity
For example, regulation around climate reporting, which typically encompasses emissions reporting, is coming in the UK, EU, the US and many other parts of the world. But developing and deploying an effective greenhouse gas (GHG) management programme is a significant undertaking.
Companies cannot afford to underestimate the time, effort and complexity involved in embedding climate issues at the heart of the business. This is especially relevant for first-time reporters. Organisations need to understand from a long way out who’s going to be responsible for driving the project forward, and ensure they have the knowledge and resources they need.
2. Build a workable roadmap
The next step in ensuring the success of new reporting processes is developing the right roadmap to get the organisation to where it needs to be within the required timescale. Too often, companies set and declare ambitious targets while providing no insight into how they are going to achieve them.
“Look at the requirements and what you’d need to have in place if you were to report today,” advises Tibbetts. “What would you have to include, and how does that compare to best practice, to your peers, and to others in your industry? Consider what you want your report to say, work back from that, and prioritise any gaps that emerge during the process.”
3. Create an effective and efficient internal reporting framework
Reliable climate-related metrics start with a solid foundation. Documenting the rationale for key decisions through each step of the process will go a long way towards supporting future reporting and assurance requirements, making the required processes easier in the longer term for everyone involved.
4. Define KPIs and track performance
Companies must establish key performance indicators (KPIs) which address the climate-related risks and opportunities it faces and track performance against these over time. For businesses that currently lack the necessary resource to gather and process this data, plans will need to be put in place to ensure this can be done effectively.
“As the world moves to aggressively reduce GHG emissions – targeting net-zero by 2050 – it is important to understand current baseline emissions; identify the most effective and efficient ways to abate those emissions, and in the short term offset residual emissions; and make sure those emission-reduction strategies are operational,” Lemon explains.
5. Understand the financial reporting implications and disclosure challenges
It’s impossible to underemphasise the complexities involved in the interplay between TCFD disclosures and other elements within corporate reporting. The discussions and disclosures companies might include in the TCFD section will have financial reporting implications.
For example, a company might be expecting to exit certain industries or to see changes in consumer behaviour. They will need to consider what this might mean for their forecasting or how they present the business review. They will also need to look at how these factors play into the principal risks they’ve identified, and how this ties into their governance disclosures. And how this all connects with their financial information. Asking these questions is essential for a business at the start of its reporting journey.
6. Gain visibility over your value chain and Scope 3 emissions
Leading companies are increasingly requiring net-zero commitments throughout their value chains, working closely with suppliers and customers as they leverage their ability to meet their Scope 3 emissions targets – setting a precedent that will soon be expected of all businesses.
Lemon is encouraged by this. “It’s great to see businesses engaging with their partners both before they enter their direct operations and then after they leave, creating a cradle-to-grave approach by flexing their influence,” he says. “It’s an approach that works for everybody.”
Effectively tracking Scope 3 emissions will require businesses to ensure they have access to the relevant data and the talent needed to analyse it.
7. Put the appropriate governance structures in place
Companies need to implement the governance structures and procedures required to ensure compliance at both board and management level. While this is becoming easier as leaders embrace their climate responsibilities, it is an important focus area for those companies that have not yet instigated change.
From our global research, we know that integrating ESG thinking at all levels of the organisation is considered the most important factor for boosting the credibility of sustainability reporting, highlighted by 35% of mid-market business leaders.[ii]
Take action now on TCFD
Time is running short for any international organisation yet to set in motion the steps needed to embrace the demands of TCFD. There’s no leeway for further delays: action must be taken now to address the issues involved and overcome the very real barriers that lie ahead.
If you would like the support of our experienced professionals to shape your approach to TCFD reporting, please approach your local Grant Thornton representative or one of our contributors.
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i,ii. Grant Thornton’s International Business Report research, H1 2022.