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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.
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Capital markets
You need corporate finance specialists experienced in international capital markets on your side if you’re buying or selling financial securities.
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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.
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Corporate insolvency
Our corporate investigation and recovery teams can help you manage insolvency situations and facilitate the best outcome.
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Debt advisory
An optimal funding structure for your organisation presents unprecedented opportunities, but achieving this can be difficult without a trusted advisor.
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Expert witness
Our expert witnesses analyse, interpret, summarise and present complex financial and business-related issues which are understandable and properly supported.
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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.
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Forensic and investigation services
We provide investigative accounting and litigation support services for commercial, matrimonial, criminal, business valuation and insurance disputes.
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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.
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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.
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Mergers and acquisitions
Grant Thornton provides strategic and execution support for mergers, acquisitions, sales and fundraising.
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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.
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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.
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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
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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.
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Virtual asset advisory
Helping you navigate the world of virtual currencies and decentralised financial systems.
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Corporate tax
Grant Thornton can identify tax issues, risks and opportunities in your organisation and implement strategies to improve your bottom line.
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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
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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.
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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
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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.
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Research and Development
R&D tax incentives are often underused and misunderstood – is your business maximising opportunities for making claims?
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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.
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Tax governance
Mitigate tax risks and implement best practice governance that will stand up to IRD scrutiny and audits.
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Transfer pricing
Tax authorities are demanding transparency in international arrangements. We businesses comply with regulations and use transfer pricing as a strategic planning tool.
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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
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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.
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Financial reporting advisory
Our financial reporting advisers have the expertise to help you deal with the constantly evolving regulatory environment.
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Business architecture
Our business architects help businesses with disruptive conditions, business expansion and competitive challenges; the deployment of your strategy is critical to success.
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Cloud services
Leverage the cloud to keep your data safe, operate more efficiently, reduce costs and create a better experience for your employees and clients.
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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.
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IT advisory
Our hands on product experience, extensive functional knowledge and industry insights help clients solve complex IT and technology issues
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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
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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.
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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.
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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
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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
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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.
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Risk management
We understand that growing companies need to establish robust internal controls, and use information technology to effectively mitigate risk.
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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.
Heads up for PBEs: new service performance reporting standards are on the way
Brayden Smith
09 Mar 2018
A public benefit entity’s (PBE) purpose is use its resources to implement initiatives that benefit the community. So, a key aspect of its annual reporting should be focused on communicating the impact of its operations to its various stakeholders and society as a whole.
Tier 3 and Tier 4 entities have produced service performance reporting for several years now, and the conspicuous absence of service performance reporting for larger Tier 1 and Tier 2 has now been addressed via the new financial reporting standard issued by the External Reporting Board, PBE FRS 48 Service Performance Reporting (PBE FRS 48).
Why is service performance reporting important?
Prior to the introduction of PBE FRS 48, annual reporting for PBEs has focused on the financial performance of the entity concerned. While this is clearly important, focusing on financial reporting only tells half the story - many would also argue that isn’t even the important half! Accordingly, the new reporting requirement shouldn’t be viewed as pointless busy-work for PBEs, but an opportunity to tell their story and communicate about the wider impact they have on society.
The principles and requirements for presenting service performance information will establish greater organisational accountability and facilitate better decision making. This is particularly pertinent in a world where funders want more bang for their buck for each funding dollar they provide.
How is the new standard applied?
The standard establishes high-level requirements for entities to determine how best to ‘tell their story’. The requirements are flexible and provide scope for entities to identify appropriate and meaningful service performance information for users of general purpose financial reports.
In particular, the standard requires a PBE to provide:
- contextual information to help users understand why the entity exists, what it intends to achieve, and how it intends to achieve its aims and objectives
- information about what the entity has done during the reporting period to work towards achieving its aims and objectives.
The nature of the information reported by each PBE will depend on a number of issues. The following factors require some thought when determining what information to report:
- What is the entity accountable or responsible for
- What does the entity intend to achieve during the reporting period
- How did the entity go about achieving its service performance objectives
- What other factors are relevant to the entity’s service performance during the period (eg, financial, legal, economic or social factors)
PBEs will have to apply judgement in each particular circumstance and disclose the judgments made in the selection, measurement, aggregation and presentation of service performance information reported in applying the standard.
PBE FRS 48 also requires service performance information to be presented for the same reporting entity and period covered in financial statements (unless permitted otherwise by legislation). As a result, comparative information should be prepared so that is available following adoption of the standard.
PBE FRS 48 is effective for reporting periods beginning on or after 1 January 2021, and early adoption is also permissible for those who are keen to tell a more complete story about their organisation sooner rather than later.
