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Corporate Finance and Deal Advisory
We offer a dedicated team of experienced individuals with a focus on successfully executing transactions for corporates and financial institutions. We offer an integrated approach, with our corporate finance specialists working seamlessly with tax and other specialists to ensure that every angle is covered.
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Digital Risk
Grant Thornton offers solutions to the digital risk issues you are sure to face. Our skilled and experienced security team can helping by advising and consulting, giving you peace of mind, clear value for money and an enhanced ability to react to attacks.
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Technology Consulting
Motivating and assisting our clients to pursue, maintain and secure the benefits of digital solutions is at the core of our Digital Transformation teams' agenda and goals. We work with business leaders to deliver efficient digital strategies and operating models that provide new or enhanced capabilities.
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Economic Advisory
Our all-island Economics Advisory team combines expertise in economics and business with a wealth of experience across the public and private sectors.
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Forensic Accounting
We have a different way of doing business by delivering real insight through a combination of technical rigour, commercial experience and intuitive judgment. We take pride in delivering responsive and tailored solutions to all our clients, capitalising on the wealth of experience housed within our Belfast and wider Forensics team
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People and Change Consulting
The Grant Thornton People & Change Consulting practice works with clients on these issues as well as on all aspects of how they attract, retain, engage develop, deploy and lead their people.
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Restructuring
We work with a wide variety of clients and stakeholders such as high street banks, private equity funds, directors, government agencies and creditors to implement solutions which provide the best possible outcomes.
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Corporate and International Tax
Northern Ireland businesses face further challenges as they operate in the only part of the UK that has a land border with a country offering a lower tax rate.
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Employer Solutions
Our team specialises in remuneration and incentive planning and works closely with employers, shareholders and employees to ensure that business strategies are aligned and goals achieved in the most tax efficient, cost-effective manner.
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Entrepreneur and Private Client Taxes
Our team of experienced advisors are on hand to guide you through any decision or transaction ranging from the establishment of new business ventures, to realising value on exit, to succession planning and providing for loved ones.
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Global Mobility Services
Grant Thornton Ireland offer a different approach to managing global mobility. We have brought together specialists from our tax, global payroll, people and change and financial accounting teams across Ireland and Northern Ireland, while drawing on the knowledge and insights of our global network of over 143 offices of mobility professionals to provide you with a holistic approach to managing global mobility.
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Outsourced Payroll
Our outsourced service provides valued service to over 150 separate PAYE schemes. These ranging from 1 to 1000 employees, working for micro, SME and global employers. The service is supported by the integrated network of tax and global mobility teams and the wider Grant Thornton network delivering a seamless service. Experienced staff deliver a personal service built around your business needs.
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Tax Disputes and Investigations
Our Tax Disputes and Investigation team is made up of tax experts and former HMRC investigators who have years of experience in dealing with a variety of tax investigations. Our expertise and insight can guide you through all interactions, keeping your cost at a minimum while allowing you to continue with the day to day running of your business.
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VAT and Indirect Taxes
At Grant Thornton (NI) LLP, our team helps Northern Ireland businesses manage their UK and global indirect tax risks which, as transactional taxes, can quickly become big liabilities.
Key financial reporting updates - May 2024
Further, the Financial Reporting Council have published amendments to local accounting standards, coming into effect in 2025 and 2026. We discuss each of these changes in more detail below.
Changes in company size thresholds
The Companies (Non-financial reporting) (Amendment) Regulations 2024 are anticipated to be laid before Parliament before the summer recess, with changes expected to take effect for periods beginning on or after 1 October 2024.
The changes will increase the size thresholds currently laid out in the Companies Act 2006. Audit and consolidation exemptions are linked to these size thresholds, and therefore more companies may find themselves eligible for such exemptions where they were not previously within scope.
The proposed new thresholds are:
| Micro | Small | Medium | Large | |
|---|---|---|---|---|
| Annual turnover | Not more than £1m | Not more than £15m | Not more than £54m | More than £54m |
| Balance sheet total | Not more than £500k | Not more than £7.5m | Not more than £27m | More than £27m |
| Average number of employees | Not more than 10 | Not more than 50 | Not more than 250 | More than 250 |
In the same way as the current thresholds, a company will need to meet two out of the three qualifying criteria for two consecutive accounting periods.
Updates to Financial Reporting Standards
On 27 March 2024, the Financial Reporting Council issued amendments to FRS 100 – 105 (known as GAAP, Generally Accepted Accounting Practice), a suite of accounting standards applicable in the UK and Ireland. These are used by an estimated 3.4 million businesses in preparing their financial statements.
The changes represent the largest revision of the standards since their launch in 2013 and serve to increase alignment of UK and Irish GAAP with International Financial Reporting Standards (IFRS).
This article explains the key changes, and the potential implications for entities reporting under FRS 102, “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and FRS 105, “The Financial Reporting Standard applicable to the Micro-entities Regime”.
Revenue from contracts with customers
Section 23 of FRS102, and the corresponding Section 18 of FRS105, have been updated to closely align them with the provisions in IFRS 15: Revenue from contracts with customers.
A five-step model is being introduced, with revenue recognition based on the identification of distinct goods and services, performance obligations on the part of the seller, and the consideration the seller will be entitled to on the completion of the contract. Although the changes apply to both FRS102 and FRS105, additional simplifications have been included in FRS105 to assist micro-entities.
Leases
Section 20 of FRS102 has been updated to closely align it with the provisions in IFRS 16: Leases. The underlying aim of the standard is to remove off-balance sheet financing, and effectively remove the concept of operating leases for lessees.
All leases, other than short-term or low-value asset leases, will be recognised on balance sheet, with a Right-of-Use asset and a corresponding lease liability being presented.
Lessee accounting remains largely unchanged. The lease amendments have not been applied to FRS105, which retains the existing finance lease and operating lease models.
Concepts and pervasive principles
Section 2 of both standards has been rewritten, to align with the IFRS Conceptual Framework. The sections have doubled in length, to closely align it with the equivalent international standard and provide additional guidance for GAAP preparers.
The “Fair Value” appendix of the existing Section 2 has been removed, and replaced with a new Section, 2A, aligning it with IFRS 13: Fair Value.
Small companies
In FRS102 section 1A, more clarity will be provided on which disclosures are expected to be necessary for financial statements to give a true and fair view, as required by law. These changes will impact UK entities only and not those presented under Irish company law. Irish entities will continue to be “encouraged” to present additional disclosures but will not be mandated.
Other incremental changes are noted in areas such as share-based payments, deferred tax and specialised activities, although these primarily relate to additional guidance being provided, rather than substantive changes in accounting treatment or disclosures.
The new standards come into effect for periods beginning on or after 1 January 2026, although early adoption is permitted. Comparatives will need to be restated, and provisions exist around transition to the new standards, with reliefs and exemptions available in certain areas.
Grant Thornton will be providing more detailed information on the significant changes in due course. In the meantime, for further information, and to find out how Grant Thornton (NI) LLP can assist you in navigating these changes, please contact Louise Kelly, Partner.
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Louise Kelly Louise has over 14 years’ experience working on all sizes of public sector and privately owned companies. Her portfolio includes clients in various sectors including construction, education, motor retail, manufacturing and public sector.View Profile