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IT audit and advisory services
We help clients to navigate the complexities and provide you with robust independent assurance that your IT risks, key management priorities and core systems are being appropriately managed.
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Co-sourced internal audit
We help clients to navigate the complexities and provide you with robust independent assurance that your IT risks, key management priorities and core systems are being appropriately managed.
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Automotive
Advances in technology are increasing the risk of disruption in the market and existing players, both upstream and downstream, are taking note. They’re innovating. They are making more use of lightweight materials and alternative fuels and taking the first steps towards intelligent and connected vehicles.
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Asset management
Increasing regulation and investor demands for returns and transparency have brought new challenges to the asset management sector. Within this new world, organisations with the operational agility and strong infrastructure to embrace change and innovation can maximise opportunities.
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Insurance
In a market where businesses operate with a 30-year outlook change is rarely spectacular or sudden. Yet there’s no doubt that important shifts are underway in insurance.
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Banking & securities
Grant Thornton’s global banking and securities team consists of country, regional and service line leaders with experience of supporting clients in more than 80 countries.
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Technology
The ability to anticipate and adapt is more important in the technology industry than ever before.
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Media
The media industry is in the grip of a technological revolution and it’s affecting every part of the business. Distribution models, commissioning procedures and revenue streams are all evolving as the industry responds to the shift to digital and personalisation. This has resulted in a flood of new channels, platforms and experiences, all of which have to be constantly fed with compelling, quality content. If they are not, audiences move on.
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Telecommunications
The telecommunications industry is changing rapidly and facing pressure from all sides.
Navigating the changes to International Financial Reporting Standards (2022 edition)
04 Mar 2022
This publication is designed to give preparers of IFRS financial statements a high-level awareness of recent changes to International Financial Reporting Standards. It covers both new Standards and Interpretations that have been issued and amendments made to existing ones.
The 2022 edition of the publication has been updated for changes to International Financial Reporting Standards (IFRS) that were published between 1 January 2021 and 31 December 2021.
The publication now covers 31 March 2021, 30 June 2021, 30 September 2021, 31 December 2021 and 31 March 2022 financial year ends.
Identifying the changes that will affect you
The effective dates table in the article has been colour coded to help entities planning for a specific financial reporting year end, and identifies:
- changes mandatorily effective for the first time
- changes not yet effective
- changes already in effect.
Where a change is not yet mandatorily effective for a particular year end, it may still be possible for an entity to adopt it early (depending on local legislation and the requirements of the particular change in concern).
Where a change has been made but an entity is yet to apply it, certain disclosures are required to be made under IAS 8 ‘Accounting Policies, Changes in Accounting Estimates and Errors’. Disclosures required include the fact that the new or amended Standard or Interpretation has been issued but it has not yet been applied, and known or reasonably estimable information relevant to assessing its possible impact on the financial statements in the period of initial application.
Identifying the commercial significance of the changes in the publication
For each change covered in the publication, we have included a box on its commercial implications. These sections focus on two questions:
- how many entities will be affected?
- what will be the impact on affected entities?
A traffic light system indicates our assessment of the answers to these questions.
