-
Business consulting
Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle.
-
Business risk services
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
-
Forensic 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.
-
Recovery & reorganisation
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
-
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.
-
IFRS
At Grant Thornton, our IFRS advisers can help you navigate the complexity of financial reporting.
-
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
Indirect international tax
-
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
-
Bookkeeping & financial accounting
Effective bookkeeping and financial accounting are essential to the success of forward-thinking organisations. To get the optimum benefit from this part of your business, you'll need an experienced team behind you.
-
Business process outsourcing
Outsourcing your operations and specific business functions to Grant Thornton can not only cut costs, but also bring new insights and experience to your business.
-
Compilation of financial statements
Running a transparent and trusted business means keeping shareholders, owners, management and other important stakeholders informed about key developments in your organisation.
-
Human resources consulting
Depending on your needs, we can either manage your entire HR process or individual aspects of your strategy.
-
Payroll
Payroll and, in addition, personnel administration are the biggest and most time-consuming challenges facing expanding organisations. Grant Thornton’s outsourcing teams can manage these commitments on your behalf, allowing you to focus on what you do best – growing your business.
-
Tax compliance
Tax is likely to have an impact on almost every business decision you make. Whatever your business’s specific needs, we respond quickly and devise solutions tailored to you.
IASB issues a major update in a third edition of this Accounting Standard
The International Accounting Standards Board (IASB) has recently released the third edition of its IFRS for SMEs Accounting Standard (IFRS for SMEs or the Standard). This edition represents a major update to the Standard and follows a comprehensive review conducted by the IASB over the past few years. The updates to the Standard cover all sections of the current IFRS for SMEs. Some of the most significant updates are on the topics of revenue recognition, fair value measurement and business combinations.
IFRS for SMEs is designed for small and medium sized entities(SMEs) without public accountability that are still required to prepare general purpose financial statements. Entities with public accountability are defined in the Standard as entities who have debt or equity instruments traded in a public market, or entities which hold assets in a fiduciary capacity for a broad group of outsiders (eg banks, insurance companies, securities brokers etc.).
The Standard is explicitly not available to entities with public accountability, and if such an entity does apply the Standard, it cannot describe its financial statements as conforming to the IFRS for SMEs Accounting Standard, even if this is allowed by legislation in their local jurisdiction.
The key changes in the new Standard
The changes to the Standard cover a broad range of topics, and for the full list you can refer to the IFRS Foundation’s press release and the published Standard (IFRS - IASB issues a major update to the IFRS for SMEs Accounting Standard). Here we have summarized some of the key changes which may have the most significant impact.
1. Revenue recognition
Section 23 ‘Revenue from Contracts with Customers’ has been revised to align with the requirements of IFRS 15 ‘Revenue from Contracts with Customers’. This is a significant change from previous practice and will require the application of the five-step model (set out in IFRS 15 ‘Revenue from Contracts with Customers’) to identify revenue contracts, identify performance obligations or promises, determine the transaction price, allocate this price to each promise, and finally recognise revenue as promises are fulfilled.
These new requirements may require more work and new processes to be put in place by the reporting entity. As we saw with the adoption of this model in the full version of IFRS 15, this can be very challenging, so we would encourage preparers to start planning for this transition sooner rather than later.
2. Fair value measurement
Section 12 ‘Fair Value measurement’ has been added to IFRS for SMEs for the first time in this edition. Previously, information about fair value measurement and disclosure was spread throughout the other sections where it was relevant, but in the third edition this is now grouped into a new separate section.
The reformatting that has taken place should make finding and referring to the guidance much easier, and will also ensure consistent application of fair value principles throughout the financial statements.
3. Business combinations
Section 19 ‘Business Combinations and Goodwill’ has been updated in the third edition to align it more closely with the detailed requirements set out in IFRS 3 ‘Business Combinations’. This edition now replaces the purchase method of accounting, as it was referred to in the previous edition of IFRS for SMEs, with the acquisition method of accounting. Although the methods are similar in many respects, there are more areas of complexity that need to be addressed in the acquisition method.
Effective date
The third edition of IFRS for SMEs is effective for reporting periods beginning on or after 1 January 2027. Early application is permitted, however this may be dependent on jurisdictional approvals.
The changes introduced in the third edition must be applied retrospectively as set out in Section 10 of the Standard.
Conclusion
While the effective date is still some time away, we encourage entities that currently apply IFRS for SMEs to start considering the impact of the changes sooner rather than later. In particular, the changes to the revenue recognition model may be challenging to apply, as we saw with the adoption of IFRS 15. If you will be impacted by these amendments, or would like to discuss them further, please reach out to the IFRS contact at your nearest Grant Thornton office.