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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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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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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
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.
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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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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?
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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.
Business reporting and audit changes
While death and taxes are two certainties in life, for Kiwi businesses there’s a third - the need to prepare annual accounts.
In New Zealand this year more than approximately 700,000 sets of accounts for companies, partnerships, trusts and not-for-profit organisations were prepared. But in 2013 and beyond the look and shape of more than 450,000 of them is likely to be very different due to proposed changes outlined in the Financial Reporting Bill 2012 that has just had its first reading in the House.
This Bill completely replaces the Financial Reporting Act 1993. This is an Act that has served New Zealand well over the last 20 years because it’s given our Courts the ability to impose heavy financial penalties and even jail sentences on directors who fail to recognise the importance of preparing a true and fair set of annual financial statements.
But where the 1993 Act is starting to show its age is its lack of alignment with business reporting requirements in Australia, its failure to recognise the unique financial reporting needs of users in the public and not-for-profit sectors and its failure to capture large partnerships. Many of the proposed changes fix these weaknesses.
For many businesses, particularly small and medium sized companies with annual revenues of less than $30 million or total assets less that $60 million, the Bill will come as good news because they will be able to substantially reduce their accounting compliance costs and in many instances they may also be relieved from having to complete an annual audit.
For others, the Bill will be seen as bad news. With more than 450,000 companies soon to be able to use special purposes financial statements, currently used in Australia, well entrenched accounting processes that have been in place for the last 20 years will almost certainly have to change.
And for anyone who ignores the new requirements proposed in the 181 page Bill things could soon turn ugly. For example, failure to recognise that all entities will only have three months rather five months after balance date to prepare their annual accounts may result in late filing penalties of up to $7,000 being levied by the Registrar of Companies.
When Craig Foss, Minister of Commerce, introduced the Bill in Parliament he noted that it “rationalises financial reporting in three ways: it makes all reporting obligations consistent with the goal of financial reporting; second, it standardises the interface between the Financial Reporting Act and other Acts; third, it makes the language of financial reporting in different Acts broadly consistent.”
Jonathan Young, chair of the Commerce Select Committee, pointed out during the Bill’s first reading that it not only affects companies, it also affects New Zealand’s 28,000 registered charities. He said “clear rules are required to improve charity reporting, and, I think, as we have those clear rules and as we have accurate and efficient reporting regarding our charities, once again we will build confidence in New Zealanders in the donation dollars that they give”.
And as might be expected Russell Norman from the Green Party said it would be “be good to see a further extension in New Zealand into environmental reporting for companies.”
Given so many entities will be affected by the Bill, the Commerce Select Committee will hopefully receive a significant number of submissions. The deadline for submissions is 18 January 2013 so for many organisations, both large and small, now is the time to highlight the good, the bad and the ugly aspects of a Bill that is going to change New Zealand’s business reporting in a profound way.
For further information please contact:
Mark Hucklesby
National Technical Director
T +64 (0) 21 664 585
E mark.hucklesby@nz.gt.com