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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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Workable solutions to maximise your value and deliver sustainable recovery
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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.
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Valuations
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
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IFRS
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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Global audit technology
We apply our global audit methodology through an integrated set of software tools known as the Voyager suite.
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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
Tax policies are constantly evolving and there are a number of complex changes on the horizon that could significantly affect your business.
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Outsourcing Changes to the Outsourcing legislation, specifically when offshoringSignificant changes to the dynamic of the financial services sector in recent years have shifted the paradigms in how we work. The increased digitisation of the workforce, changes in business models, globalisation, and remote working capabilities have led to a new approach to the delivery of services.
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Asset management Inflation and tax planningThe recent onset of rapid inflation is an unwelcome development that is having a widespread impact on US businesses and tax planning.
Our latest IFRS Viewpoint looks at the challenging situation of Accounting for client money [ 136 kb ].
The term ‘client money’ is used to describe a variety of arrangements in which the reporting entity holds funds on behalf of clients. Our view is that entities should recognise client money as an asset (and an associated liability) if the general definition of an asset contained in the Conceptual Framework for Financial Reporting (2018) is met.
The definition of an asset
The Conceptual Framework for Financial Reporting (2018) defines an asset as 'a present economic resource controlled by the entity as a result of past events', with an economic resource being defined as 'a right that has the potential to produce economic benefits'.
Determining whether the definition is met
Determining whether this definition is met requires a careful analysis of the contractual terms and conditions and economic substance of the arrangements for holding client money to determine whether the client money:
- is a resource controlled by the reporting entity
- confers a right that has the potential to produce economic benefits to the reporting entity.
The implications of meeting the definition
If both conditions apply, the client money should be recognised as an asset of the reporting entity. This determination may involve significant judgement in which case appropriate disclosures should be made in accordance with IAS 1 ‘Presentation of Financial Statements’.
If a client money arrangement results in recognising cash at a bank as an asset and an associated liability to a client, it will not be appropriate to offset those items in most circumstances.
Want to know more? Download the full Viewpoint for further infomation [ 136 kb ].
Applying IFRSs in challenging situations
Our IFRS Viewpoint series provides insights from our global IFRS team on applying IFRSs in challenging situations. Each edition focuses on an area where the Standards have proved difficult to apply or lack guidance.