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Our ‘Insights into IFRS 3’ series summarises the key areas of the Standard, highlighting aspects that are more difficult to interpret and revisiting the most relevant features that could impact your business. IFRS 3 has specific guidance on how some items are recognised and measured. This article summarises this specific guidance and provides examples to illustrate its application.

Our ‘Insights into IFRS 3’ series summarises the key areas of the Standard, highlighting aspects that are more difficult to interpret and revisiting the some relevant features that could impact your business. This article sets out the definition and underlying principles of fair value, gives a brief overview of permissible valuation techniques and presents IFRS 3’s specific guidance on fair value measurement.

Our ‘Insights into IFRS 3’ series summarises the key areas of the Standard, highlighting aspects that are more difficult to interpret and revisiting the most relevant features that could impact your business. This article explains the recognition principles set out in IFRS 3.

Our ‘IFRS Viewpoint’ series provides insights from our global IFRS team on applying IFRS in challenging situations. Each edition focuses on an area where the Standards have proved difficult to apply or lack guidance.

IAS 36 ‘Impairment of Assets’ prescribes the accounting for impairment reviews. There are some detailed requirements of IAS 36 that are complex and challenging for the preparers of financial statements to apply.

IAS 36 ‘Impairment of Assets’ sets out the requirements entities should follow prior to concluding if an asset should be written down in the financial statements (ie impaired). However, due to the complex nature of the standard, the requirements of IAS 36 can be challenging to apply in practice.

This publication is designed to give preparers of IFRS financial statements a high-level awareness of recent changes to International Financial Reporting Standards. It covers both new Standards and Interpretations that have been issued and amendments made to existing ones.

The articles in our ‘Insights into IAS 36’ series have been written to assist preparers of financial statements and those charged with the governance of reporting entities understand the requirements set out in IAS 36, and revisit some areas where confusion has been seen in practice.

The preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) is challenging. Each year, new Standards and amendments are published by the International Accounting Standards Board (IASB) with the potential to significantly impact the presentation of a complete set of financial statements.

Our ‘IFRS Viewpoint’ series provides insights from our global IFRS team on applying IFRSs in challenging situations. Each edition will focus on an area where the Standards have proved difficult to apply or lack guidance. This edition provides guidance on some of the basic issues encountered in accounting for cryptocurrencies.

Acquisitions of businesses can take many forms and can have a fundamental impact on the acquirer’s operations, resources and strategies.

As we move forward, it is of critical importance that organisations arrive at a sustainable business model with a particular focus on the operational, commercial and technological aspects. Businesses will face difficulty in addressing IT risk alongside managing sizeable IT transformation agendas and balancing commercial recovery and growth.

Over the last year the proposals and additional details have been worked through with some announcements expected in mid-2022. We outline each of the proposals in turn below, providing details of what to watch out for, what is known and what has yet to be agreed.

EU anti-money laundering legislation imposes upon member states the obligation to create and maintain a central register of the beneficial ownership of trusts.

Grant Thornton were involved in a significant workforce survey taken in the greater Dublin area, across five counties during the month of January 2022. The results provide a good overview of workforce challenges and sentiment at the moment amongst employers, and could be equally applicable to the greater Belfast area and Northern Ireland.

As we move towards phased returns to the office and other flexible working arrangements, many of us will face some challenges and concerns when adapting to the change this brings.