Services
A comprehensive range of advisory services to help you achieve your goals.
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Business risk services
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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Business consulting
We can formulate solutions to keep you ahead of disruptive change.
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Valuations
Our valuation specialists blend technical expertise with a pragmatic outlook to deliver support during transactions, restructuring and disputes.
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Transactional advisory services
Helping you with successful growth deals throughout your business life cycle.
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Recovery and reorganisation
Workable solutions to maximise your value and deliver sustainable recovery.
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Mergers and acquisitions
Strategic growth decision making. Globalisation and company growth ambitions are driving an increase in M&A activity worldwide.
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Forensic and investigation services
Rapid and customised approach to investigations and dispute resolution.
International audits require common sense as well as technical expertise.
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International Financial Reporting Standards (IFRS)
Our member firm IFRS advisers can help you navigate the complexity of the Standards so you can focus your time and effort on running your business.
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Audit quality monitoring
A key component of our global strategy is to promote the delivery of consistent, high quality client service worldwide.
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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.
Ambitious organisations need to consider their tax affairs carefully to gain trust and stay ahead of their competitors.
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Corporate and business tax
Growing businesses need strong tax management to meet current and future tax liabilities and we can help you achieve this, whatever challenges you face.
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Direct international tax
We have the insight and agility to create the strategies you need to respond quickly to ever-changing tax laws.
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Global mobility services
In a globalised world, businesses must work seamlessly across borders. Organisations operate in multiple countries and view international expansion as a strategic objective.
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Indirect international tax
With more goods and services crossing national borders than ever before, you may be facing indirect tax obligations in many countries – even those where your customer is located.
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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.
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Private client services
Protecting business and personal wealth is of upmost importance for private clients worldwide. At Grant Thornton, we bring reason and instinct to all aspects of your personal finance and compliance planning.
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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
Grant Thornton’s teams can work with you to help you understand these regulations, develop a strategy tailored to your business’ individual tax needs and manage tax risk around the globe.
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Business process solutions
As organisations grow, back office processes and meeting reporting requirements across multiple jurisdictions can become a distraction. We remove the burden of back office operations and worries about compliance to enable you to focus on growth.
Industries
We have considerable expertise in advising the business services sector gained through working with recruitment, facilities management, logistics, printing,...
This shift to a consumer-led economy brings challenges and opportunities for the industry. We can help deliver your strategies for both.
Like the industrial revolution before it, the digital revolution is changing the world for ever. Economically, socially and practically, our lives will never...
Forces of change, including urbanisation, shifting demographics and the drive for sustainability, are throwing up new challenges and opportunities for the...
Across the globe, countries are moving towards leaner, more commercial, locally focused and responsive government and public sectors. At Grant Thornton, we are...
Whether your focus is architecture, engineering, or legal, we provide practical solutions to help our clients manage change efficiently and successfully.
We go beyond the traditional compliance and reporting aspects of audit and tax, providing services that offer real value. Our professionals offer a wide range...
Across the globe, not for profit organisations are increasingly expected to deliver more, while at the same time facing cuts in government funding and...
Demographic, organisational and resourcing issues are radically changing the global healthcare industry. And we’re only just beginning to understand the impact...
Optimism is slowly returning to the global economy, but the financial services industry needs to regain the trust of public and private bodies. To succeed,...
Energy markets worldwide are undergoing major changes. Grant Thornton can help you understand and navigate the challenges, and make sure you have the solutions...
Emerging markets and shifting consumer demand are creating new opportunities in this industry, with business leaders investing in new products, markets and...
Our letter is in response to the IASB's Exposure Draft 2015/1 'Classification of Liabilities – Proposed amendments to IAS 1'
The proposals seek to clarify that only rights in existence at the reporting date should affect the classification of a liability, and to make clear the link between the settlement of a liability and the outflow of resources from the entity.
In our letter, we voice our support for the Board's objectives and the guiding principle that only rights in place at the reporting date should affect the classification of a liability. While we believe that the proposed amendments will provide additional clarity, we also believe they could benefit from further refinement in a number of areas and that additional illustrative examples should be provided to address some of the challenges that have arisen in practice, including:
- that covenant breaches occurring between the end of the reporting period and the date the financial statements are authorised for issue are non-adjusting events with no impact on classification at the end of the reporting period;
- whether non-current classification is appropriate if a lender agrees before the end of the reporting period to waive a covenant breach on the condition that the borrower agrees to insert an additional covenant test (or some other related requirement) within twelve months after the end of the reporting period; and
- whether, in situations similar to that described in the preceding bullet point, an entity should consider the likelihood that it will be able to rectify the breach and/or meet the additional covenant test.
In addition:
- we note that the proposed removal of the word 'unconditional' from IAS 1.69(d) could weaken the existing requirement and lead to increased diversity in practice as entities seek to avoid classifying liabilities as current; and
- we believe that the proposed amendments could be improved by providing guidance with respect to the definition of a 'rollover' and encourage the Board to provide a formal link to the extinguishment guidance in IFRS 9 and IAS 39.
Ultimately, we feel that classification of liabilities is a topic which would benefit from a more comprehensive review in due course.
Also appears under...