-
Business valuations
We offer expert valuation advice in transactions, regulatory and administrative matters, and matters subject to dispute – valuing businesses, shares and intangible assets in a wide range of industries.
-
Capital markets
You need corporate finance specialists experienced in international capital markets on your side if you’re buying or selling financial securities.
-
Complex and international services
Our experience of multi-jurisdictional insolvencies coupled with our international reputation allows us to deliver the best possible outcome for all stakeholders.
-
Corporate insolvency
Our corporate investigation and recovery teams can help you manage insolvency situations and facilitate the best outcome.
-
Debt advisory
An optimal funding structure for your organisation presents unprecedented opportunities, but achieving this can be difficult without a trusted advisor.
-
Expert witness
Our expert witnesses analyse, interpret, summarise and present complex financial and business-related issues which are understandable and properly supported.
-
Financial models
A sound financial model will help you understand the impact of your decisions before you make them. Talk to us about our user-friendly models.
-
Forensic and investigation services
We provide investigative accounting and litigation support services for commercial, matrimonial, criminal, business valuation and insurance disputes.
-
Independent business review
Is your business viable? Will it remain viable in the future? A thorough independent business review can help your organisation answer these fundamental questions.
-
IT forensics
Effective ESI analysis is integral to the success of your business. Our IT forensics experts have the technical expertise to identify, preserve and interrogate electronic data.
-
Mergers and acquisitions
Grant Thornton provides strategic and execution support for mergers, acquisitions, sales and fundraising.
-
Raising finance
Raising finance - funders value partners who can deliver a robust financial model, a sound business strategy and rigorous planning. We can guide you through the challenges that these transactions can pose and help you build a foundation for long term success once the deal is done.
-
Relationship property services
Grant Thornton offers high quality independent advice on the many financial issues associated with relationship property from considering an individual financial issue to all aspects of a complex settlement.
-
Restructuring and turnaround
Grant Thornton’s restructuring and turnaround service capabilities include cash flow, liquidity management and forecasting; crisis and interim management; financial advisory services to companies and parties in transition and distress
-
Transaction advisory
Our depth of market knowledge will steer you through the transaction process. Grant Thornton’s dynamic teams offer range of financial, commercial and operational expertise.
-
Corporate tax
Grant Thornton can identify tax issues, risks and opportunities in your organisation and implement strategies to improve your bottom line.
-
Employment tax
Grant Thornton’s advisers can help you with PAYE (payroll tax), Kiwisaver, fringe benefits tax (FBT), student loans, global mobility services, international tax
-
Global mobility services
Our team can help expatriates and their employers deal with tax and employment matters both in New Zealand and overseas. With the correct planning advice, employee allowances and benefits may be structured to avoid double taxation and achieve tax savings.
-
GST
GST has the potential to become a minefield and can be expensive when it goes wrong. Our technical knowledge can help you minimise the negative impact of GST
-
International tax
International tax rules are undergoing their biggest change in a generation. Tax authorities around the world are increasingly vigilant, especially when it comes to global operations.
-
Research and Development
R&D tax incentives are often underused and misunderstood – is your business maximising opportunities for making claims?
-
Tax compliance
Our advisers help clients manage the critical issue of compliance across accountancy regulations, corporation law and tax. We also offer business and wealth advisory services, which means we can provide a seamless and tax-effective offering to our clients.
-
Transfer pricing
Tax authorities are demanding transparency in international arrangements. We businesses comply with regulations and use transfer pricing as a strategic planning tool.
-
Audit methodology
Our five step audit methodology offers a high quality service wherever you are in the world and includes planning, risk assessment, testing internal controls, substantive testing, and concluding and reporting
-
Audit technology
We apply our audit methodology with an integrated set of software tools known as the Voyager suite. Our technology has been developed to produce quality audits that are effective and efficient.
-
Financial reporting advisory
Our financial reporting advisers have the expertise to help you deal with the constantly evolving regulatory environment.
-
Business architecture
Our business architects help businesses with disruptive conditions, business expansion and competitive challenges; the deployment of your strategy is critical to success.
-
Cloud services
Our team is led by cloud business experts who tailor services to the needs of your organisation, from strategy and implementation to ongoing services assurance.
-
Internal audit
Our internal audits deliver independent assurance over key controls within your riskiest processes, proving what works and what doesn’t and recommending improvements.
-
IT advisory
Our hands on product experience, extensive functional knowledge and industry insights help clients solve complex IT and technology issues
-
IT privacy and security
IT privacy and security should support your business strategy. Our pragmatic approach focuses on reducing cyber security risks specific to your organisation
-
Organisational & cultural change
The key to sustainable and future growth is a unified organisation operating within a strong cultural context, where transparency and communication are the priority for Kaimahi, and where visible leadership means walking the talk – but where does that journey begin?
-
Payroll assurance
Our specialist payroll assurance team can conduct a review of your payroll system configuration and processes, and then help you and your team to implement any necessary recalculations.
-
PCI DSS
Our information security specialists are approved Qualified Security Assessors (QSAs) that have been qualified by the PCI Security Standards Council to independently assess merchants and service providers.
-
Process improvement
As your organisation grows in size and complexity, processes that were once enabling often become cumbersome and inefficient. To maintain growth, your business must remain flexible, agile and profitable
-
Procurement/supply chain
Procurement and supply chain inputs will often dominate your balance sheet and constantly evolve for organisations to remain competitive and meet changing customer requirements
-
Project assurance
Major programmes and projects expose you to significant financial and reputational risk throughout their life cycle. Don’t let these risks become a reality.
-
Risk management
We understand that growing companies need to establish robust internal controls, and use information technology to effectively mitigate risk.
-
Robotic process automation (RPA)
RPA is emerging as the most sophisticated form of automation used to help businesses become more agile and remain competitive in the face of today’s ongoing digital disruption.
Revenue recognition changes are being ignored
New Zealand businesses currently lead the world in their lack of awareness of proposed changes to the way that revenue is recognised in financial statements.
Research from the Grant Thornton International business report released yesterday, which surveyed 2,800 businesses globally, found that 86% of New Zealand business owners were not aware of revenue recognition changes being proposed by the International Accounting Standards Board (IASB). Of the 40 countries surveyed only Poland 96%, France 92% and Finland 90% showed greater ignorance of the proposed changes. The global average was 58%. The United States had the best knowledge of what was happening with only 40% of businesses being unaware of the proposed changes.
Mark Hucklesby, National Technical Director for Grant Thornton New Zealand Ltd, said that the US awareness rate was not surprising given the focus that the US places on earnings per share, but the real concern was that with less than a month remaining for public comment, the figures for New Zealand were surprisingly low. Given the significance of the proposed changes, particularly for smaller businesses that provide turn key product and service solutions, it is disappointing to see this complacency.
“How revenue is accounted for is extremely important. It is almost always the largest dollar amount reported in any set of financial statements and for many listed companies it is the first number that gets reported by the media. Auditors, as one might expect, spend a lot of time checking the revenue figures.
“What has been overlooked by many is that later this year a global, accounting standard for accounting revenue will be introduced.
“For businesses in New Zealand, now is the time to ask “do these changes work for us?” This is why this standard has been re-exposed for comment a second time by the IASB. For example, is separating out goods and services as separate revenue streams feasible, and is the guidance on separately accounting for warranty provisions reasonable?” he said.
The aim of the changes proposed by the IASB and the Financial Accounting Standards Board (FASB) is to improve and converge the financial reporting requirements of International Financial Reporting Standards (IFRSs) and US General Accepted Accounting Principles (US GAAP) for revenue (and some related costs) from contracts with customers.
The proposed changes improve current IFRSs and US GAAP by:
- providing a more robust framework for addressing revenue recognition issues;
- removing inconsistencies from existing requirements;
- improving comparability across companies, industries and capital markets;
- providing more useful information to users of financial statements through improved disclosure requirements; and
- simplifying the preparation of financial statements by streamlining the volume of accounting guidance.
“The core principle of this proposed standard is that an entity recognises revenue from contracts with customers when it transfers promised goods or services to the customer. The amount of revenue recognised would be the amount of consideration promised by the customer in exchange for the transferred goods or services.
“I am staggered at the figures for New Zealand, as business owners in this country are usually pretty savvy about these matters, but our global survey clearly indicates these proposed changes have not received the attention they deserve,” he said.
“The survey also revealed that New Zealand was in the top third of countries where business owners thought that the requirements to prepare IFRS financial statements were too complex. This finding is not unexpected, and confirms what many directors and business owners have been saying for a long time.
“Nearly half of the business owners (48%) in New Zealand held this opinion, which put us almost in line with Australia, the United Kingdom and the United States. Denmark looked to be the most knowledgeable country with only 10% finding financial statements they were required to prepare too complicated. However at the other end of the scale were Greece and Italy where 60% of businesses said that preparing financial statements today was far too complicated. The global average from this latest Grant Thornton survey was 38%.
“While the closing date for submissions to the IASB and the FASB on revenue recognition is 13 March 2012, New Zealand companies have been asked by the newly created External Reporting Board (XRB) to have submissions ready by 20 February 2012. Given the importance of revenue to almost every business in New Zealand, this is an opportunity to have your views heard. Failure to comment may result in companies having to paying tax on earnings earlier than they previously have, given the Inland Revenue’s policy decision to use IFRS as the platform for revenue recognition for almost every large company in New Zealand” Mark Hucklesby said.
Further enquiries, please contact:
Mark Hucklesby
National Technical Director, Grant Thornton New Zealand
T +64 (0)9 308 2581
E mark.hucklesby@nz.gt.com