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Audit approach
Designing a tailored audit programme customised for your business, we will combine the collective skill and experience of assurance professionals around the world to deliver an audit that is efficient and provides assurance to your key stakeholders.
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Audit methodology
We have adopted Grant Thornton International's Horizon audit approach and Voyager software, a revolutionary paperless audit designed to achieve a consistent standard of audit service.
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MFRS
At Grant Thornton, our MFRS advisers can help you navigate the complexity of financial reporting.
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Our local experts
Our local experts
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Tax advisory & compliance
Our teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
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Corporate & individual tax
Our teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
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International tax & Global mobility services
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
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Indirect tax
Our indirect tax specialists help clients in effective planning; assist to bring clarity to the legislation; assist and advise in audits or investigations. It is important for all entities, whether or not required to register for Sales Tax or Service Tax to analyse the impact of the taxes on their business operations, their revenues and expenses, and their customers and suppliers.
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Tax audit & investigation
Tax audit and investigation
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Transfer pricing
Transfer pricing
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M&A, Restructuring & Forensics
Forensic
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Corporate finance
Whether you are raising capital, disposing of a business or seeking a wider market for your company's shares on a stock market, we are ready to help make it a successful and stress-free experience for you.
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Business risk services
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
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Recovery and reorganisation
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
Accounting implications of the Coronavirus (COVID-19)
18 Mar 2020The spread of the Coronavirus is impacting businesses around the world. Entities need to carefully consider the accounting implications of this situation. This MFRS Alert considers the impact of the Coronavirus on 31 December 2019 year ends.
As Coronavirus is becoming more widespread, it is important that businesses consider the accounting implications as a result of the impact it is having on their business.
Is the impact of the Coronavirus an adjusting event in the 31 December 2019 year-end financial statements?
Entities should consider MFRS 110 ‘Events after the reporting period’ to determine if the impact of the coronavirus is an adjusting event or a non-adjusting event.
MFRS 110 describes an adjusting event as one which ‘provides evidence of conditions that existed at the end of the reporting period’. In our view, the development and spread of this virus happened in 2020 and does not provide evidence of a condition that existed at 31 December 2019 and therefore is a non-adjusting event. At 31 December 2019 there were few reported cases and little confirmed evidence of its spread amongst humans.
Therefore the impact of balances should be largely unaffected until quarter one of 2020. Entities need to ensure the measurement of their assets and liabilities at 31 December 2019 is not impacted by subsequent development of the virus. For example, measurement of expected credit losses and hedge effectiveness in accordance with MFRS 9 ‘Financial Instruments’, measurement of impairment intangible assets such as goodwill under MFRS 136 ‘Impairment’ and assets and liabilities that are measured at fair value in accordance with MFRS 13 ‘Fair Value Measurement’. Also consider MFRS 102 ‘Inventories’ because if your client has reduced or idle capacity, their overhead costs may not be allocated to inventory as they usually are and the realisation of deferred tax assets under MFRS 112 ‘Income Taxes’ should also be considered.
Disclosure
If the impact of the non-adjusting event is material to the financial statements, it should be disclosed. This disclosure should include the nature of the event and an estimate of the financial effect, or it is not possible to estimate this, a statement to that effect.
