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Effective for financial years beginning on or after 1 January 2019, IC Interpretation 23 ‘Uncertainty Over Income Tax Treatments’ (‘the Interpretation’) requires entities to consider the potential for adverse tax determinations being made by taxing authorities while under a hypothetical tax review and record a liability (and expense) where such a finding is considered “probable”. Many entities may not experience a financial impact as a result of this, but the Interpretation remains applicable and certain disclosures may be appropriate.

In this article 'Considerations when preparing financial statements and using alternative performance measures' we set out various ways to enhance communication on how the pandemic has impacted the financial position and performance of any reporting entity. These include sensitivity analysis, the use of alternative performance measures and changing line items that have previously been disclosed within the financial statements.

In accordance with MFRS 110 ‘Events after the Reporting Period’, entities are required to distinguish between subsequent events that are adjusting (ie those that provide further evidence of conditions that existed at the reporting date) and non-adjusting (ie those that are indicative of conditions that arose after the reporting date). Entities are required to update the carrying amounts of any assets or liabilities recognised in their financial statements to reflect any adjusting events that occur during the subsequent events period.

This article highlights key aspects of MFRS 15 ’Revenue from Contracts with Customers’, that are expected to be particularly relevant during the COVID-19 pandemic.

While many forms of government assistance should be accounted for by applying MFRS 120 ‘Accounting for Government Grants and Disclosure of Government Assistance’ because they meet the following definition, others should be addressed by other standards such as MFRS 112 ‘Income Taxes’.

Grant Thornton Malaysia has organised a webinar on Thursday, 11 June 2020 to help you navigate effectively. This webinar will focus on the key challenges and possible solutions for the various stakeholders involved.

MFRS 16 contains specific requirements on accounting for lease modifications. Rent concessions that change the overall consideration for the lease are in the scope of these requirements. Lessees are currently required to assess whether rent concessions are lease modifications and, if they are, apply specific accounting guidance.

As the impact of a novel strain of coronavirus (COVID-19) continues to unfold around the world, those individuals responsible for preparing financial statements and approving them for issue need to be cognisant of not only what has happened and is happening at the reporting date and the time the financial statements are approved, but also what is likely to happen next.

As the impact of a novel strain of coronavirus (COVID-19) continues to unfold around the world, those individuals responsible for preparing financial statements and approving them for issue need to be cognisant of not only what has happened and is happening at the reporting date and the time the financial statements are approved, but also what is likely to happen next.

With the rising impact of COVID-19 being seen worldwide, all industries will face significant disruption to their supply chain, workforce and cashflow. The right response will depend on the specific circumstances you and your business face. However, when experiencing significant stress or distress, we recommend you focus everything you do around the management of cash.

Choosing the right leader for your business is fundamental to its long-term success. So why are so many family firms not planning for succession effectively?

In light of growing international interest and scrutiny of corporate practices we set out to explore how three major aspects of governance – the role of culture, board composition and strategic planning – are affecting businesses around the world.

Advances in technology and logistics allow businesses to expand across borders more easily, but understanding and overcoming the psychological barriers to expansion abroad is crucial to giving your global growth plans a head-start.

There are a number of cost and commercial reasons why a group may consider relocating, but it is also important to understand the consequences.

The hotel industry is going through a period of unprecedented, irreversible change and will look very different in 2020 than it does today.

Poised to be every bit as disruptive as the internet revolution, is your business ready for the rise of the sharing economy?