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Insights

Insolvency Law Reform Guernsey Insolvency Law Reform
On 15 January 2020, the States approved the Companies (Guernsey) Law, 2008 (Insolvency) (Amendment) Ordinance, 2020 (“the Ordinance”). It is anticipated that the Ordinance will come in to force shortly, following Regulations by the Committee for Economic Development (the “Committee”).
Tax Guernsey Company Tax Residence
There have been dramatic changes to the previously long standing Guernsey definition to determine which companies are considered Guernsey tax resident from January 2019.
IFRS IFRS News - Q4 2019
In this edition of IFRS News we begin by considering the latest news from the IASB and conclude with IFRS-related news at Grant Thornton.
Acquisitions Grant Thornton expands in Guernsey with the acquisition of Price Bailey
Grant Thornton expands in Guernsey with the acquisition of Price Bailey
IFRS IFRS 3 - Definition of a Business
In October 2018, the IASB issued ‘Definition of a Business’ making amendments to IFRS 3 ‘Business Combinations’.
Global news Grant Thornton Channel Islands shortlisted for Firm of the Year
Grant Thornton Channel Islands has been shortlisted for Firm of the Year as part of Grant Thornton’s annual Experience Awards taking place at the British Museum in London on the 31st October 2019. The event, now in its third year, highlights remarkable innovation, programmes and schemes from Grant Thornton’s 130 member firms located around the world.
Tax Cloudy with a chance of complacency
The OECD’s latest proposals on taxing digital business pull back from the radical roadmap put forward in May to something much closer to the January policy note by proposing a modified residual profit split with benchmarking of routine profits.
IFRS IFRS Alerts
The International Accounting Standards Board (IASB) regularly publishes new International Financial Reporting Standards (IFRS), Interpretations of Standards (IFRIC) or amendments to existing IFRS Standards.
IFRS IFRS News - Q3 2019
IFRS News is your quarterly update on all things relating to International Financial Reporting Standards.
Falling economic optimism Mid-market companies lower growth expectations amid falling economic optimism
The world’s leading survey of mid-market companies, Grant Thornton’s IBR, once again provides vital insight into the health of the global mid-market. These results for H1 2019 reflect the views of nearly 5,000 mid-market companies across 30+ countries interviewed in May and June of this year.
IFRS Example Financial Statements 2019
The preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) is challenging. Each year, new Standards and amendments are published by the International Accounting Standards Board (IASB) with the potential to significantly impact the presentation of a complete set of financial statements.
IFRS IFRS News - Q2 2019
We begin this second edition of 2019 by considering the IASB Exposure Draft ‘Interest Rate Benchmark Reform’.
Tax alert Channel Islands new Substance rules
At last the Tax Offices have issued the long awaited guidance notes. Unfortunately those expecting much actual substance within them will, we fear, be left disappointed. This alert is to ensure you are aware that the guidance have been finally issued. This will now allow us to help you plan for these changes.
Cyber Security The Peculiarities of mergers, acquisitions and de-mergers
Mergers, acquisitions and de-mergers creates various challenges, risks and responsibilities that the organisation can be held accountable for.
Interim consolidated financial statements 2019 Interim consolidated financial statements 2019
The Interim Financial Statements illustrate a six month accounting period beginning on 1 January 2019.
IFRS 16 Lease payments
At the commencement of a lease, IFRS 16 requires a lessee to measure the lease liability at the present value of the lease payments that are not paid at that date.
Women in business Building a blueprint for action
Grant Thornton’s Women in business report 2019: building a blueprint for action
INTERNATIONAL BUSINESS REPORT Thriving in 2019’s global economy
The global economic cycle has peaked and businesses face a more downbeat outlook in 2019. With risks increasing, how can businesses continue to achieve growth and thrive in the year ahead?
IFRS 16 Sale and leaseback accounting
IFRS 16 makes significant changes to sale and leaseback accounting. A sale and leaseback transaction is one where an entity (the seller-lessee) transfers an asset to another entity (the buyer-lessor) for consideration and leases that asset back from the buyer-lessor.
IFRS IFRS News - Q1 2019
We begin this first edition of 2019 by considering the potential financial reporting implications of the UK leaving the European Union without a transition deal. As the UK’s exit date of 29 March 2019 draws closer, this is a scenario which needs to be considered seriously by entities that trade with, or have operations within, the UK.
IFRS 16 Transition choices
Many recent accounting standards include significant transition reliefs to make first time application simpler – IFRS 16 is no exception. Appendix C to IFRS 16 contains all the details of the transition provisions that are available.
Global news Grant Thornton collaborating globally
We asked our leaders around the globe what's special about Grant Thornton and how this benefits our clients. They describe a changing world where the relationships we build, and our collaborative network.
Restructuring Notice Liquidation of Bellzone Mining plc
Alan Roberts and Ben Rhodes of Grant Thornton Jersey were appointed Joint Liquidators of Bellzone Mining plc
IFRS Navigating the changes to IFRS 2018
Every year the requirements of International Financial Reporting Standards (IFRS) change. New Standards, Interpretations and Amendments are published that will affect companies’ future financial reporting.
IFRS 16 Lease term
Under IFRS 16 ‘Leases’, determining the correct ‘lease term’ is significant for a number of reasons.
Corporate Governance Review Corporate Governance Review 2018
The UK is witnessing a battle to restore trust in business – after a succession of corporate collapses, governance failings and controversial pay awards have hit the headlines.
IFRS 16 Understanding the discount rate
In January 2016, the International Accounting Standards Board (IASB) issued IFRS 16 ‘Leasing’, which represents the first major overhaul in lease accounting for over 30 years. The Standard brings fundamental changes to lease accounting that replace previous accounting that is considered no longer fit for purpose. These changes become effective from 1 January 2019.
Global News World’s Most Attractive Global Employers
Grant Thornton named one of the 50 'World’s Most Attractive Global Employers' for fourth consecutive year! Grant Thornton is one of the 50 ‘World’s most attractive global employers’ for a fourth consecutive year, according to business students who took part in the Universum Talent Survey.
Tax Alert EU Substance for Guernsey
As you will know from earlier news, Guernsey has been negotiating this year to formalise just what the EU’s requirements for ‘substance’ need to include. In addition to the overarching draft law issued last month which the States will debate and we expect to approve on 28th November, draft Regulations setting out much of the detail have also now just been published.
IFRS IFRS News - Q4 2018
We begin this final edition for 2018 with an article on the recently issued IASB publication ‘Definition of Material – Amendments to IAS 1 and IAS 8’, before turning to some topical issues. These include regulators’ views on IFRS 9 and IFRS 15, reverse factoring, and issues related to the discontinuance of LIBOR and other inter-bank offer rates.
IFRS News Example Financial Statements 2018
Each year the requirements of International Financial Reporting Standards (IFRS) change. New Standards and Amendments become effective and these determine the presentation of primary financial statements and accompanying disclosures. As a result companies face the challenge of updating their financial statements every year.
Information Security Cyber Security Survey Results
Grant Thornton’s summer 2018 cyber security survey of Channel Islands organisations produced some intriguing and in some cases surprising results
UK Budget I don't mind Mondays - yesterday's UK Budget
Yesterday's first Monday UK Budget for over 56 years was neither manic nor blue. The Chancellor tried to deliver an upbeat giveaway budget with a promise that the end to austerity was in sight and that this was a Budget "for hard working families". This theme continued throughout his speech.
Tax Tax changes for non-resident property investors: what next?
We all know the UK government announced its intention to extend UK CGT to commercial property and all indirect property interests, and earlier this month we had the proposed details to review.
IFRS IFRS News - Q3 2018
IFRS News is your quarterly update on all things relating to International Financial Reporting Standards. We’ll bring you up to speed on topical issues, provide comment and points of view and give you a summary of any significant developments.
IFRS Accounting for crypto assets
Currently, IFRS does not provide specific guidance on accounting for crypto assets. This IFRS Viewpoint seeks to explore the accounting issues that arise for miners and validators in mining and maintaining the blockchain in accordance with existing IFRS. It follows our earlier IFRS Viewpoint No.9 ‘Accounting for cryptocurrencies – the basics’.
Tax What does the Finance Bill mean for real estate tax?
While Government’s key announcements in the Finance Bill and other recent changes aim to provide certainty for the real estate sector, uncertainty still remains.
Information Security It’s 2018: why are our systems still insecure?
We continue to hear sorry tales of companies’ systems being hacked: as I write this, the latest big story (https://www.theregister.co.uk/2018/06/13/dixons_carphone_breach/) is Dixons Carphone experiencing a hack involving 5.9 million payment cards and over a million personal data records.
IFRS News IFRS Example Interim Consolidated Financial Statements 2018
The preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) is challenging. Each year, new Standards and amendments are published by the International Accounting Standards Board (IASB) with the potential to significantly impact the presentation of a complete set of financial statements.
IFRS News Quarter 2 2018
IFRS News is your quarterly update on all things relating to International Financial Reporting Standards. We’ll bring you up to speed on topical issues, provide comment and points of view and give you a summary of any significant developments.
Women in business Beyond policy to progress
Women in business
Women in business Beyond policy to progress
Women in business
IFRS Potential accounting consequences of the US tax reform
Potential accounting consequences of the US tax reform for IFRS preparers
Women in business Diversity snapshot
Women in business
IFRS IFRS News - Q1 2018
What has been happening lately in IFRS
Tax Taxation in real-time: Gearing up for blockchain
A page to describe the changes that the Tax industry will have to make to accommodate Blockchain technology
IFRS IASB issues Plan Amendment, Curtailment or Settlement
an IFRS alert about the IASB issuing amendedments to IFRS 9
IFRS IFRS News - Q4 2017
What has been happening lately in IFRS
IFRS IASB issues Long-term Interests in Associates and Joint Ventures
an IFRS alert about the IASB issuing amendedments to IFRS 9
IFRS IASB issues Prepayment Features with Negative Compensation
an IFRS alert about the IASB issuing amendedments to IFRS 9
Tax Alert Criminal Finances Act
A page to show the Criminal Finances Act that was released in September 2017
IFRS IASB issues Materiality Practice Statement
an IFRS alert about the IASB issuing a new practice statement
Tax Alert Document duty on property company shares
A page to show the tax alert that was released in August 2017
Global News Grant Thornton wins ‘Employer of the year’
Grant Thornton was named 'Employer of the Year' by the International Accounting Bulletin’s Digital Accountancy Forum and Awards.
IFRS IFRS News - Q3 2017
What has been happening lately in IFRS
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