-
Sector Focus
We specialise in the investment management industry offering audit, assurance, tax and corporate recovery and liquidation services.
-
Personal Tax Services
There are many tax rules that can affect you personally and therefore which will have an impact on your personal wealth.
-
QI Compliance
Qualified Intermediaries (QI) have to take action now to perform a Certification to the Internal Revenue Service (IRS).
-
Download our tax brochures
The tax teams at Grant Thornton aim to provide the Channel Islands with a premier tax advisory service both to private clients and the business community including the investment management industry.
-
Jersey Tax Return
A secure sign in page to file Jersey Tax Returns through the Grant Thornton tax portal.
-
ESG
ESG can either be seen as a risk management tool or an opportunity, either way it is imperative to your business, whatever your size and whether you are listed or not.
-
Professional Services
Business and accounting support for professional services
-
Finance Industry
We work with a broad range of clients and their financial stakeholders, from entrepreneurs in the early days to fast growing and established businesses to public companies competing in global markets.
-
Local Businesses
Businesses come in many shapes and sizes – from innovative start-ups to long-established local businesses. But however large or small your business, the chances are you face similar challenges.
-
Corporate Insolvency
Our corporate investigation, Guernsey liquidation and recovery teams focus on identifying and resolving issues affecting profitability, protecting enterprise value and facilitating a full recovery where possible.
-
Corporate Simplification
Redundant corporate entities can over complicate group structures and waste thousands of pounds in unnecessary costs each year. 46% of the c.15,500 companies controlled by the FTSE100 are dormant and it is estimated that the average cost of administering dormant companies is between £3,500 and £5,000 per company, per year.
-
Debt Advisory
Our Debt Advisory team provides commercial and financial debt advice to corporate entities and public sector bodies in a range of sectors. Our engagements include advice on stand-alone transactions and solutions or as part of an integrated business plan, in both the project and corporate arenas.
-
Exit Strategy Services
We offer a tailored methodology designed to enable a company to be reviewed in a group context to assess ways to maximise its value.
-
Financial Restructuring
For companies challenged by under-performance we work with management teams, shareholders, lenders and other stakeholders to implement financial restructuring solutions creating a stable platform for business turnaround.
-
Strategic performance reviews
Strategic performance reviews analyse the key drivers of performance improvement. Our specialists utilise a framework to evaluate financial and operational options and to identify solutions for businesses and their stakeholders.
Background
The IFRS Foundation has published 'Disclosures about Uncertainties in the Financial Statements Illustrated using Climate-related Examples,' addressing practical application of the disclosure requirements in IFRS Accounting Standards.
The illustrative examples were developed by International Accounting Standards Board (IASB) in collaboration with the International Sustainability Standards Board (ISSB) to address feedback from stakeholders about insufficient information around uncertainties – particularly climate-related uncertainties. The illustrative examples also address feedback regarding inconsistencies that may arise in the financial statements by complying with the disclosure requirements of the IFRS Accounting Standards and IFRS Sustainability Disclosure Standards.
Illustrative Examples on reporting uncertainties
The collection of examples published as ‘near final’ illustrates how entities can improve the reporting of uncertainties in their financial statements to avoid creating inconsistencies within the Annual Report. The illustrative examples are mainly focused on climate-related fact patterns. However, the principles and requirements illustrated can be applied equally to all types of uncertainties. A summary of the illustrative examples is set out below:
Illustrative examples
A summary of each example as disclosed in the publication is indicated below
1. Materiality judgements applying paragraph 31 of IAS 1 'Presentation of Financial Statements' [paragraph 20 of IFRS 18 ‘Presentation and Disclosure in Financial Statements’]
- Illustration of how an entity makes materiality judgements in the context of financial statements
- The illustrative example contains two scenarios: one scenario in which these judgements lead to additional disclosures beyond those specifically required by IFRS Accounting Standards and a second scenario in which they do not.
2. Disclosure of assumptions: specific requirements applying IAS 36
- Illustration of how an entity discloses information about the key assumptions it uses to determine the recoverable amounts of assets.
3. Disclosure of assumptions: general requirements applying IAS 1
Illustration of how an entity:
- might be required to disclose information about assumptions it makes about the future, even if the specific disclosure requirements in other IFRS Accounting Standards require no such disclosure
- identifies the assumptions about which it is required to disclose information, and
- determines what information about these assumptions it is required to disclose
4. Disclosure about credit risk applying IFRS7 ‘Financial Instruments; Disclosures’
- Illustration of how an entity might disclose information about the effects of particular risks on its credit risk exposures and credit risk management practices and how these practices relate to the recognition and measurement of expected credit losses.
5. Disclosure of disaggregated information applying [IFRS 18]
- Illustration of how an entity might disaggregate the information it provides in the notes about a class of property, plant and equipment (PP&E) on the basis of dissimilar risk characteristics if necessary to provide material information.
*IFRS Accounting Standards that are not yet effective as at the date of this publication are included in brackets.
Status of the near-final illustrative examples
The illustrative examples have not yet been approved by the IASB. The IASB expects to issue the final illustrative examples, together with the accompanying Basis for Conclusions, in October 2025. No material changes are expected before finalisation. Once finalised, the examples will be included as illustrative examples in the relevant IFRS Accounting Standard to which they relate. There will be no effective date of the illustrative examples as they do not amend the IFRS Accounting Standards as they are currently written. In other words, they will be effective immediately.
Our thoughts
We support the release of the near-final illustrative examples, which should improve the overall quality of financial reporting and ensure consistency with sustainability reporting. We believe issuing a near-final version of the illustrative examples will provide reporting entities with more time to consider whether any changes to their reporting needs to be made, before the final versions are released. All the illustrative examples are uncontroversial in nature, and our view is they increase clarity to the impacted IFRS Accounting Standards. We encourage entities to consider the application of the illustrative examples to their financial statements.
