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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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28 Oct 2020

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

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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Sarah Carroll

| 24 Nov 2020

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

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.
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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.
Private client services
Our solutions include dealing with emigration and tax mitigation on the income and capital growth of overseas assets.
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
Tax policy
Tax policies are constantly evolving and there are a number of complex changes on the horizon that could significantly affect your business.

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

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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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IFRS

Navigating the changes to IFRS

By:

Mark Hucklesby,

Sarah Carroll

01 Feb 20233 min read

This publication is designed to give preparers of IFRS financial statements a high-level awareness of recent changes to International Financial Reporting Standards. It covers both new Standards and Interpretations that have been issued and amendments made to existing ones.

Contents

The 2023 edition of the publication has been updated for changes to International Financial Reporting Standards (IFRS) that were published between 1 January 2022 and 31 December 2022.

The publication now covers 31 March 2022, 30 June 2022, 30 September 2022, 31 December 2022 and 31 March 2023 financial year ends.

Identifying the changes that will affect you

Based on Standards issued at 31 December 2022

Various: Interest Rate Benchmark Reform Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16) - 1 January 2021
IFRS 16: Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16) - 1 April 2021
IFRS 3: References to the Conceptual Framework (Amendments to IFRS 3) - 1 January 2022
IAS 16: Proceeds before intended use (Amendments to IAS 16) - 1 January 2022
IAS 37: Onerous Contracts – Cost of Fulfilling a Contract (Amendments to IAS 37) - 1 January 2022
IFRS 1, IFRS 9, IFRS 16 and IAS 41: Annual Improvements to IFRS Standards 2018-2020 Cycle (Amendments to IFRS 1, IFRS 9, IFRS 16, IAS 41) - 1 January 2022
IFRS 17: Amendments to IFRS 17 Insurance Contracts including the Extension of the Temporary Exemption from Applying IRFS 9 (Amendments to IFRS 4) - 1 January 2023
IFRS 12: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) - 1 January 2023
IFRS 17: Initial Application of IFRS 17 and IFRS 9 – Comparative Information (Amendment to IFRS 17) - 1 January 2023
IAS 8: Definition of Accounting Estimates (Amendments to IAS 8) - 1 January 2023
IAS 1: Disclosure of Accounting Policies (Amendments to IAS 1 and Practice Statement 2) - 1 January 2023
IAS 1:Classification of Liabilities as Current or Non-current (Amendments to IAS 1) - 1 January 2024
IAS 16: Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) - 1 January 2024
IAS 1: Non-current Liabilities with Covenants (Amendments to IAS 1) - 1 January 2024

The effective dates table in the article has been colour coded 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 ability to be able to fully comply with all the requirements).

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 indicates our assessment of the answers to these questions.

Navigating the changes to IFRS

Identifying the changes that will affect you

Effective dates of new standards

Identifying the commercial significance of the changes in the publication

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