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.
Outsourcing Changes to the Outsourcing legislation, specifically when offshoringSignificant 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.
Asset management Inflation and tax planningThe recent onset of rapid inflation is an unwelcome development that is having a widespread impact on US businesses and tax planning.
In April 2021, the European Commission presented the proposal for this Directive, which requires mandatory reporting on environmental and social impact of business activities, as well as independent assurance on the non-financial information that has been presented. The Directive aims to increase the quality of information and transparency about sustainability matters of companies, and thereby support the transition to a sustainable economy following the Paris climate agreement and EU Green Deal. For many companies, the proposed CSRD timeline means they need to start preparing in order to be ready by 2024 and meet the CSRD obligations.
Who does the CSRD apply to?
The CSRD is an extension of the existing European directive on sustainability reporting: the Non-Financial Reporting Directive (NFRD). This NFRD came into effect in 2018 and requires public interest companies (such as banks, insurers and publicly traded companies) with more than 500 employees to report on how they deal with issues such as environmental pollution, social responsibility, human rights and diversity.
The CSRD significantly broadens the scope of entities that will have to report. It will capture all listed entities, as well as to large companies that meet 2 of the following 3 criteria:
- More than 250 employees
- More than €40 million net turnover
- More than €20 million on the statement of financial position.
Latest indications are the CSRD reporting obligations will apply to at least 50,000 companies operating in Europe, but we anticipate many companies below those thresholds will also implement these requirements. This will enable them to fulfil the expectations of their largest customers who will almost certainly be required to report under this Directive.
What will the reporting requirements be under CSRD?
The format and exact criteria of what CSRD will require is still under development. However, it is highly likely the reporting must contain the following components:
- An annual report that will make disclosures on sustainability topics that are material to the company relating to, as a minimum, environmental, social and employee matters, diversity in company board, respect for human rights, anticorruption and bribery matters. Disclosures of other material sustainability topics will be required to cover matters such as strategy, governance, policies, processes, systems, KPIs, results and the achievement of sustainability targets.
- Material sustainability topics will be based on the double materiality principle:
- Which sustainability risks and opportunities may result in financial materiality for the company (eg raw materials scarcity or production disruptions due to extreme weather conditions, but also transition risks such as reputational damage), and
- Which material impacts the company has on people and environment (such as loss of biodiversity or human rights violations in the value chain).
- Information about the company's long-term sustainability goals, and progress toward those goals (so forward-looking information as opposed to just results in a given year).
- The reporting will be linked in line with other recent European regulations, for example, the Sustainable Finance Disclosure Regulation (SFDR) and EU Taxonomy.
In addition to substantive requirements, a limited assurance on the report by an accountant is required as well as making the report available in electronic (XHTML) format. These requirements are expected to make an important contribution to increasing the quality and comparability of sustainability reports.
Steps to be taken - infographic
In order to prepare for CSRD reporting from 2024 onwards, companies should now be familiarising themselves with CSRD and developing their sustainability strategy on how they are going to meet the reporting requirements set out in the Directive. Performing a gap analysis against the CSRD requirements to assess the amount of change that will be required will be essential to this process. Companies will need to develop and set up relevant policies and systems and develop their indicator framework, to be able to manage their KPIs, benchmarks and targets.
This Corporate Sustainability Reporting Directive (CSRD) infographic has been developed by our highly experienced team at Sinzer, part of Grant Thornton Netherlands. The graphic summarises some important timelines and steps to take to be ready for these requirements.
Download infographic [ 62 kb ]
If you would would like to know more, contact Sinzer at firstname.lastname@example.org or speak to your local Grant Thornton member firm.