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Read our latest document on IFRS Viewpoint: Accounting for crypto assets – mining and validation issues

On 22 December 2017, the President of the United States signed into law the ‘Tax Cuts and Jobs Act’. The Act is a sweeping reform of US taxation which is likely to have a significant impact on financial statements prepared under IFRS for entities with US operations.

Our ‘Unlock Northern Ireland’ service can provide expert advice and insight to support you every step of the way.

During 2016, Grant Thornton undertook research to understand the role of the System Operator for Northern Ireland (SONI) within both the electricity market and the economy of the region.

Your annual financial statements are a critical communication to your investors and other stakeholders. But how effective are they in meeting your stakeholders’ needs?

While IFRS 9’s mandatory effective date of 1 January 2018 may seem a long way off, companies really need to start evaluating the impact of the new Standard now. As well as compiling the information necessary to implement the Standard, companies will need to review loan covenants and other agreements that could be affected by the impact on reported results.

Private operating companies seeking a ‘fast track’ stock exchange listing sometimes arrange to be acquired by a smaller listed company (sometimes described as a ‘shell’ company). This usually involves the listed company issuing its shares to the private company shareholders in exchange for their shares. How should these transactions be accounted for? The IFRS Viewpoint gives you our views.

The IASB has published IFRS 16 ‘Leases’ completing its long-running project on lease accounting. This special edition of IFRS News explains the key features of the new financial reporting Standard and provides practical insights into its application and impact

Loan agreements often include covenants that, if breached by the borrower, permit the lender to demand repayment before the loan’s normal maturity date. In response to a borrower’s request, lenders may decide to voluntarily waive some or all of the rights they acquire as a result of a breach. This IFRS Viewpoint provides guidance on the classification of long-term loans payable as either current or non-current when covenants are present.

On 13 January 2016 the IASBreleased IFRS 16 'Leases', completing its long-running project on lease accounting. IFRS 16 will require lessees to account for leases 'on-balance sheet' by recognising a 'right-of-use' asset and a lease liability.

This publication is designed to give Chief Financial Officers a high-level awareness of recent changes to International Financial Reporting Standards that will affect companies’ future financial reporting. It covers both new Standards and Interpretations that have been issued and amendments made to existing ones.

The Grant Thornton International Business Report (IBR)*, a global survey of 2,500 business leaders in 35 economies, has revealed that over the past 12 months more than 15% of businesses across the world have suffered a cyber-attack, costing a total of more than $300 billion. That’s just the measurable costs. Who knows what the reputational damage, loss of trust and custom adds up to.

IFRS 9 (2014) ‘Financial Instruments’ fundamentally rewrites the accounting rules for financial instruments. It introduces a new approach for financial asset classification; a more forward-looking expected loss model; and major new requirements on hedge accounting.

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