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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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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.
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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.
As the impact of a novel strain of coronavirus (COVID-19) continues to unfold around the world, those individuals responsible for preparing financial statements and approving them for issue need to be cognisant of not only what has happened and is happening at the reporting date and the time the financial statements are approved, but also what is likely to happen next.
In Reporting the impact of COVID-19 on your business [ 110 kb ] we highlight ten questions entities should be asked to make sure that those financial statements not yet issued are presented fairly. These questions are by no means exhaustive, or indeed listed in any order of priority, because their applicability will depend on facts and circumstances.
Ten key questions for CFOs
- COVID-19 – the big picture: what should be included in financial statements that have not yet been authorised and approved for issue?
- Will the outbreak of COVID-19 result in more disclosures?
- There has recently been a significant drop in the value of equities so if you have a 31 December 2019 reporting date, should your financial statements be adjusted for this?
- If there is estimation uncertainty, what should be reported in the financial statements?
- How does information about COVID-19 that becomes available after the reporting date affect the financial statements?
- Is it reasonable to take the view 'the more uncertain the environment, then more detailed disclosures of the assumptions and assessments used to prepare the financial statements should be made'?
- When assessing expected credit losses (ECL), what should be taken into consideration?
- What should be taken into consideration when determining fair values at a reporting date?
- How much attention needs to be given to going concern for COVID-19?
- Ultimately, what impacts of COVID 19 will the users of the financial statements be most interested in?
Find the answers to these questions in this publication. IFRS requires that all the material effects of COVID-19 are appropriately recognised, measured and disclosed at the entity’s reporting date; be it interim or at year-end.
Download Reporting the impact of COVID-19 on your business [ 110 kb ]
If you would like to discuss any of the topics raised please contact your local Grant Thornton member firm.