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Economic Advisory
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Forensic Accounting
We have a different way of doing business by delivering real insight through a combination of technical rigour, commercial experience and intuitive judgment. We take pride in delivering responsive and tailored solutions to all our clients, capitalising on the wealth of experience housed within our Belfast and wider Forensics team
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People and Change Consulting
The Grant Thornton People & Change Consulting practice works with clients on these issues as well as on all aspects of how they attract, retain, engage develop, deploy and lead their people.
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Restructuring
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Technology Consulting
Motivating and assisting our clients to pursue, maintain and secure the benefits of digital solutions is at the core of our Digital Transformation teams' agenda and goals. We work with business leaders to deliver efficient digital strategies and operating models that provide new or enhanced capabilities.
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Corporate and International Tax
Northern Ireland businesses face further challenges as they operate in the only part of the UK that has a land border with a country offering a lower tax rate.
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Employer Solutions
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VAT and Indirect Taxes
At Grant Thornton (NI) LLP, our team helps Northern Ireland businesses manage their UK and global indirect tax risks which, as transactional taxes, can quickly become big liabilities.
Overview
This publication is designed to give Chief Financial Officers a high-level awareness of recent changes to International Financial Reporting Standards that will affect companies’ future financial reporting. It covers both new Standards and Interpretations that have been issued and amendments made to existing ones.
What’s new in the 2015 edition
The December 2015 edition of the publication has been updated for changes to International Financial Reporting Standards that have been published between 1 December 2014 and 30 November 2015.
The publication now covers 31 March 2015, 30 June 2015, 30 September 2015, 31 December 2015 and 31 March 2016 financial year ends.
Contents
The table of contents on the next page lists all the changes covered in the publication, their effective dates, and the page in the publication on which the appropriate summary can be found.
How to use the publication
Identifying the changes that will affect you
The table of contents has been colour coded to help entities planning for a specific financial reporting year end identify:
- changes mandatorily effective for the first time;
- changes not yet effective; and
- 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 is in issue but 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?; and
- what will be the impact on affected entities?
A traffic light system indicates our assessment of the answers to these questions.
Other Grant Thornton International publications
Where appropriate, references have been made to other Grant Thornton International publications that provide more detailed information on the changes discussed in this publication. A list of other recent guides is provided on page 40 of the publication. If you would like to obtain any of these publications, please speak to your usual Grant Thornton contact or visit www.grantthornton.global/locations to find your local member firm.
