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Grant Thornton’s Women in business report 2019: building a blueprint for action

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 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.

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.

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.

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.

Alan Roberts and Ben Rhodes of Grant Thornton Jersey were appointed Joint Liquidators of Bellzone Mining plc

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.

Under IFRS 16 ‘Leases’, determining the correct ‘lease term’ is significant for a number of reasons.

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.

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.

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.

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.

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.

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.

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.