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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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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
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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.
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Audit quality monitoring
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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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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
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Global mobility services
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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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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.
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Private client services
Our solutions include dealing with emigration and tax mitigation on the income and capital growth of overseas assets.
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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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Tax policy
Tax policies are constantly evolving and there are a number of complex changes on the horizon that could significantly affect your business.
The 2021 edition of the publication has been updated for changes to International Financial Reporting Standards (IFRS) that were published between 1 January 2020 and 31 December 2020.
The publication now covers 31 March 2020, 30 June 2020, 30 September 2020, 31 December 2020 and 31 March 2021 financial year ends.
A briefing for preparers of IFRS financial statements
Identifying the changes that will affect you
Effective dates of new standards
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IFRS 16: Leases - 1 January 2019
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IFRS 9: Payment features with negative compensation - 1 January 2019
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IAS 28: Long-term interests in associates and joint ventures - 1 January 2019
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IFRIC 23: Uncertainty over income tax treatments - 1 January 2019
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IAS 12, IAS 23, IFRS 3, IFRS 11: Annual improvements to IFRS 2015-17 cycle - 1 January 2019
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IAS 19: Plan amendment, curtailment or settlement - 1 January 2019
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Various: Amendments to references to the conceptual framework in IFRS Standards - 1 January 2020
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IFRS 3: Definition of a business - 1 January 2020
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IAS 1, IAS 8: Definition of material - 1 January 2020
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IFRS 9, IAS 39, IFRS 7: Interest rate benchmark reform - 1 January 2020
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IFRS 16: COVID-19 related rent concessions - 1 June 2020
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Various interest rate benchmark reform phase 2 - 1 January 2021
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IFRS 3: References to the Conceptual Framework - 1 January 2022
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IAS 16: Proceeds before intended use - 1 January 2022
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IAS 37: Onerous contracts – cost of fulfilling a contract - 1 January 2022
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IFRS 1, IFRS 9, IFRS 16, IAS 41: Annual improvements to IFRS Standards 2018-20 cycle - 1 January 2022
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IFRS 17: Insurance contracts - 1 January 2023
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IFRS 4: Extension of the temporary exemption from applying IFRS 9 - 1 January 2023
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IAS 1: Classification of liabilities as current or non-current - 1 January 2023
The effective dates table has been colour coded within the document to help entities planning for a specific financial reporting year-end and identifies:
- changes mandatorily effective for the first time
- changes not yet effective
- changes already in effect.
Where a change is not yet mandatorily effective for a particular year-end, it may still be possible for an entity to adopt it early (depending on local legislation and the
requirements of the particular change in concern).
Where a change has been made but an entity is yet to apply it, certain disclosures are required to be made under IAS 8 ‘Accounting Policies, Changes in Accounting Estimates and Errors’. Disclosures required include the fact that the new or amended Standard or Interpretation has been issued but it has not yet been applied and known or reasonably estimable information relevant to assessing its possible impact on the financial statements in the period of initial application.
Identifying the commercial significance of the changes in the publication
For each change covered in the publication, we have included a box on its commercial implications. These sections focus on two questions:
- how many entities will be affected?
- what will be the impact on affected entities?
A traffic light system in the publication indicates our assessment of the answers to these questions.
Download the full guidance [ 1514 kb ]
If you would like help to navigate the IFRS Standards please speak to your usual Grant Thornton contact or visit our locations page to find your local member firm.