Insights

Insolvency Popular misconceptions of insolvency in Jersey

For those who are involved with, or run struggling businesses with much reduced income, many are unclear what the most important things to consider are and

UK Capital Gains Tax Disposals made by non-UK residents of UK property

Since 6th April 2019, the scopes of UK Capital Gains Tax (“CGT”) and UK Corporation Tax (“UKCT”) have been extended to now include gains realised by non-UK

IFRS Amendments to IFRS 17 and IFRS 4

The International Accounting Standards Board (IASB) has issued ‘Amendments to IFRS 17 ‘Insurance Contracts’’ (the Amendments).

INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) Five accounting considerations relating to revenue recognition

As a result of COVID-19 entities are generally expecting to experience significant declines in revenue and decreases in progress of delivery of performance

Cross border tax arrangements Mandatory Disclosure Rules on cross border tax arrangements

In July 2020, we will see the implementation of two new tax regimes, which have the purpose of continuing the efforts towards visibility for tax authorities of

Tax Relief Tax relief available for remote workers during COVID-19 lockdown

There have been number of social distanced conversations where people have asked whether they can claim against their tax bill for the additional expenses that

News Ben Rhodes joins Guernsey’s first Insolvency Rules Committee (IRC)

Ben was recently appointed to Guernsey’s first Insolvency Rules Committee by the Committee for Economic Development.

COVID-19 Business Impact Survey - a Guernsey focus

Grant Thornton are pleased to share the results of their Channel Islands COVID-19 Business Impact Survey - A Guernsey focus

COVID-19 COVID-19 Jersey Business Impact Survey Results

Grant Thornton launched a survey in association with the Jersey Chamber of Commerce to measure how local businesses are coping in the face of the COVID-19

Government Bulletin COVID-19 Government Measures Explained

The Government has launched a series of measures to help you and your business navigate these turbulent times.

Webinar Resilience and Cashflow management

Resilience and Cashflow management, critical elements to get right in a crisis

IFRS Reporting the impact of COVID-19

As the impact of a novel strain of coronavirus (COVID-19) continues to unfold around the world, those individuals responsible for preparing financial

Resilience Wheel The Resilience Wheel: where to focus your business in stressed or distressed conditions

With the rising impact of COVID-19 being seen worldwide, all industries will face significant disruption to their supply chain, workforce and cashflow. The

Global news COVID-19 - The precautionary measures we are taking

We are living in unprecedented times right now and remain vigilant and agile to the changes being enforced by our local government and health authority.

UK Budget 2020 The UK Budget – Was it anything to make a song and dance about?

One had to feel a little bit sorry for Rishi Sunak as he stood to deliver his first Budget. He has only been in office 5 minutes, Brexit in reality has only

Tax The UK tax landscape is changing for Non-Resident Landlords

From 6 April 2020, there will be fundamental changes to the UK Tax treatment of non-resident landlord (“NRL”) companies.

INTERNATIONAL BUSINESS REPORT (IBR) Women in Business 2020

Over the last 12 months, our women in business research has drilled down into the gender diversity stats of mid-market organisations around the world, looking

IFRS Navigating the changes to IFRS 2020

Every year the requirements of International Financial Reporting Standards (IFRS) change. New Standards, Interpretations and Amendments are published that will

IFRS Alerts Classification of Liabilities as Current or Non-current

The International Accounting Standards Board (IASB) regularly publishes new International Financial Reporting Standards (IFRS), Interpretations of Standards

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

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

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

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

IFRS IFRS Alerts

The International Accounting Standards Board (IASB) regularly publishes new International Financial Reporting Standards (IFRS), Interpretations of 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

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

IFRS Deferral of effective date of amendments to IAS 1

The International Accounting Standards Board (IASB) regularly publishes new International Financial Reporting Standards (IFRS), Interpretations of Standards

INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) Events after the reporting period

If the widespread impact of COVID-19 began during the entity’s reporting period, the impact will be reflected in its financial statements for that period.

Women in the workplace Wellbeing week and women in the workplace

At Grant Thornton we continuously research and survey what is happening in the workplace. Our latest programme included asking over 800 women at work what life

Campaigns Responding to Coronavirus COVID-19

Responding to Coronavirus COVID-19

IFRS Alerts Classification of Liabilities as Current or Non-current

Loan agreements often include covenants that, if breached by the borrower, permit the lender to demand repayment before the loan’s normal maturity date.

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

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

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

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

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

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

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

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

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

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

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

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.

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

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

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

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

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,

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